Analysts at Standard Chartered Bank and Matrixport both believe that Bitcoin will hit a new all-time high within a few days, benefiting from the dramatic reversal of the Ethereum spot ETF after it was not previously optimistic about approval.
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ToggleStandard Chartered, Matrixport: Bitcoin hits new highs in a few days
Geoff Kendrick, head of foreign exchange research and digital asset research at Standard Chartered Bank, told The Block that Bitcoin is expected to hit a record high over the weekend, breaking through the $73,798 level on March 14.
He believes that the increase in the probability of Ethereum spot ETF approval is bullish for the market, which makes him more confident in Bitcoin’s target price of US$150,000 at the end of the year and US$200,000 at the end of 2025.
Geoff Kendrick also mentioned that Bitcoin’s recent trend has been more constructive, including Bitcoin ETF inflows totaling US$12.9 billion (a record high).
Matrixport emphasized that it had previously pointed out that "Bitcoin bull market returns" on May 17, and Bitcoin has begun to rebound since last weekend. They also believe that Bitcoin may hit a historical high of 73K within a few days.
Bitcoin is a monetary policy indicator
Kyle Rodda, senior market analyst at Capital.com, is optimistic that the future of Bitcoin will benefit from the rise of technology stocks and the Federal Reserve's monetary policy.
He said:
Bitcoin's movements are closely related to the performance of the top 100 Nasdaq technology companies. The rise in the Nasdaq indicates that the market is more confident that the Federal Reserve will cut interest rates this year. They are all close to record highs. With low implied volatility and fairly bullish sentiment, Bitcoin remains a good indicator of monetary policy expectations and risk appetite.
According to CoinMarketCap , the cryptocurrency market capitalization rose by about 9% on May 20 and has risen by 24% since May to $2.27 trillion.
