Standard Chartered's Year-End Target for Bitcoin: Much More to Go - Coin Bulletin

Standard Chartered analyst Geoff Kendrick stated that Bitcoin's (BTC) short-term decline could continue, but they expect it to reach $125,000 by the end of 2024.

Kendrick predicts that the current pullback in the price of Bitcoin will not end until it falls below the average price level of 88,700 dollars, which was recently experienced with intense institutional purchases.

Kendrick stated that there has been a significant increase in Bitcoin purchases by major players such as exchange-traded funds (ETFs) and MicroStrategy since the US presidential election, but emphasized that the average purchase price is at the $88,700 level. With the current pullback of Bitcoin, the analyst suggested that it could fall below this level, and stated that the range of $85,000-88,700 could offer a buying opportunity for investors.

Long-term forecasts: $200,000 in 2025

Geoff Kendrick predicts that Bitcoin will reach $125,000 by the end of 2024, and expects this rally to continue until 2025, with the price of Bitcoin potentially rising to $200,000.

Bitcoin, broke a new record with 99,830 dollars last Friday, but failed to exceed the psychological barrier of 100,000 dollars. Currently trading at around 92,500 dollars, Bitcoin experienced a 1.3% decrease.