- Exec sees a potentially better macro environment as a catalyst for BTC in the medium term.
- Standard Chartered exec expects $150,000 per BTC by the end of 2024.
Bitcoins [BTC] The recovery held steady after recovering $66,000, about 11% away from its all-time high of $73.7,000 in mid-March.
When zoomed out, the price action is stuck in the range between $60,000 and $71,000. However, the consolidation has not dented long-term bullish sentiment.
When asked what potential catalysts could be for the BTC price in the rest of the year, Nico Cordeiro, CIO of digital asset hedge fund Strix Leviathan, said: tipped the macro environment. He claimed,
“The Federal Reserve is moving toward lower interest rates despite persistent inflation and budget spending at record levels. It’s a good setup for risk, both in technology and cryptocurrencies.”
He added,
“There is a debate about whether Bitcoin is a safe haven or a high-risk hybrid asset. We more or less see the latter. From a macro view, things look pretty good for crypto.”
BTC price projection for the end of the year
BitMEX founder Arthur Hayes also expected quantitative tightening (QT), via Fed rate hikes, to ease from May. Part of the statement in early April read,
“After May 1, the QT pace slows and Yellen gets busy cashing checks to boost asset prices.”
For his part, Geoff Kendrick, head of digital asset research at Standard Chartered, sees the maturity of the BTC ETF flow as a key catalyst for the future BTC price. In a recent Bloomberg interview, Kendrick said noted,
“I expect that from the beginning of this year until when the ETF market matures in the US market, you will see between $50 billion and $100 billion of inflows. So far we have $12 billion. That could happen within 18 to 24 months.”
Comparing the duration of gold ETFs to that of BTC, Kendrick highlighted:
“The price of gold multiplied by 4.3 times, that could take us to the $150,000 – $200,000 range.”
Furthermore, the director of Standard Chartered predicted that institutional investors’ allocation to gold versus BTC could reach 80% gold and 20% Bitcoin.
In the meantime, BTC needs to make a definitive break above the range high to show further bullish intentions.
According to market cycle analysts Rekt CapitalAn extended consolidation between $60,000 and $70,000 could see the bull market peak in the third quarter of 2025.
“The more this cycle will slow down and re-synchronize with the regular, historically recurring halving cycle with a bull market peak in mid-September/October 2025.”
If so, the current one BTC Price Range Expansion It may take a while before Kendrick’s end-of-year goals become achievable.