Bitcoin is set for more price gains later this year, even after a recent retreat in prices, according to Standard Chartered’s top crypto analyst. Geoffrey Kendrick, head of foreign exchange research, West, and digital assets research at Standard Chartered, said in a research note this week that he sees bitcoin rising to $150,000 per coin, and ether hitting $8,000 by the end of 2024 — doubling down on a bullish prediction from the bank earlier this year. “We think the bad news is already priced in for BTC and ETH, and that positive structural drivers will take over again as negative drivers fade,” Kendrick said in the April 22 note. “In addition, market positioning is now much cleaner than it was; USD 261mn of leveraged long positions were removed from BTC futures alone on 13 April – the largest daily liquidation since at least October 2023 – in response to Iran’s attack on Israel that day.” Kendrick was referring to the liquidation of speculative bitcoin trades that were augmented by investors using borrowed cash to make bigger bets on the future swings in the price of the cryptocurrency. Bitcoin temporarily sank below $60,000 last week as traders reacted to news of an escalating military conflict between Iran and Israel. While the cryptocurrency’s proponents believe bitcoin to be a hedge aga …
Article Attribution | Read More at Article Source
[mwai_chat context=”Let’s have a discussion about this article:nnBitcoin is set for more price gains later this year, even after a recent retreat in prices, according to Standard Chartered’s top crypto analyst. Geoffrey Kendrick, head of foreign exchange research, West, and digital assets research at Standard Chartered, said in a research note this week that he sees bitcoin rising to $150,000 per coin, and ether hitting $8,000 by the end of 2024 — doubling down on a bullish prediction from the bank earlier this year. “We think the bad news is already priced in for BTC and ETH, and that positive structural drivers will take over again as negative drivers fade,” Kendrick said in the April 22 note. “In addition, market positioning is now much cleaner than it was; USD 261mn of leveraged long positions were removed from BTC futures alone on 13 April – the largest daily liquidation since at least October 2023 – in response to Iran’s attack on Israel that day.” Kendrick was referring to the liquidation of speculative bitcoin trades that were augmented by investors using borrowed cash to make bigger bets on the future swings in the price of the cryptocurrency. Bitcoin temporarily sank below $60,000 last week as traders reacted to news of an escalating military conflict between Iran and Israel. While the cryptocurrency’s proponents believe bitcoin to be a hedge aga …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
