Bitcoin could reach new all-time high over the weekend, says analyst

The possible approval of an Ethereum exchange-traded fund (ETF) this week could bring even more legitimacy to the cryptocurrency sector, also benefiting Bitcoin, according to a market analyst.

Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, expressed optimism in an email sent to The Block, stating that the approval of an Ethereum ETF could propel BTC to a new all-time high by the end. week, possibly reaching the US$73,798 recorded on March 14.

At the time of writing this article, Bitcoin is trading at US$69,582, according to data from CoinGecko. In the last 24 hours, the price of the largest cryptocurrency on the market jumped around 1.5%.

Price Projections for Bitcoin

According to Kendrick, the optimism surrounding the potential approval of spot Ethereum ETFs reinforces his price predictions for Bitcoin, setting targets of $150,000 by the end of 2024 and $200,000 by the end of 2025.

The analyst also highlighted that the last few days have been especially positive, with an increase in inflows into spot Bitcoin ETFs. The inflows raised the total to a new all-time high of US$12.9 billion.

The cryptocurrency market as a whole has recovered in the last 24 hours, with an increase of more than 8%, according to data from CoinGecko. This rally came against the backdrop of the SEC’s request on Monday for updates to 19b-4 filings for spot Ethereum ETFs.

This movement suggests possible progress toward approval. The first round of deadlines for these ETFs are quickly approaching, with VanEck on May 23 and Ark Invest/21Shares on May 24.

Bloomberg analysts James Seyffart and Eric Balchunas raised the chances of approval by the SEC from 25% to 75%, after requesting updates to the records, as reported by CriptoFácil.

Right now, ETH is priced at $3,741, with a daily increase of almost 20%. As a result, 90% of investors who hold ETH are currently in profit, according to IntoTheBlock.