Galaxy Digital CEO Mike Novogratz predicts bitcoin could hit 0,000 by year-end, citing a positive U.S. political environment for digital assets. He highlighted growing optimism for cryptocurrencies and progress on SEC approval of spot ethereum ETFs. However, the industry recently faced a setback when President Joe Biden vetoed a resolution to overturn the controversial crypto […]
Bitcoin News
8 AI Chatbots Predict Precious Metals Year-End Prices: Gold at $2,800, Silver at $42
In recent months, our newsdesk has been testing the use of artificial intelligence (AI) chatbots to forecast bitcoin prices by the end of 2024 at specific intervals throughout the year. This time, we’ve changed our approach by employing the same generative AI chatbots to project the year-end prices for an ounce of .999 fine gold […]
Bitcoin News
7 AI Chatbots Predict Bitcoin’s Price Post-Halving; See $80K-$100K by Year-End
On April 28, 2024, the price of bitcoin was coasting along at ,900 per unit as of 7:28 p.m. Eastern Time (ET). Since then, the price fell below the K mark by Monday morning ET, only to climb back above ,000 by mid-afternoon. It has been nine days since the last halving event and 109 […]
Bitcoin News
Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End
Geoff Kendrick, head of digital assets research at Standard Chartered, recently reiterated the bank’s ambitious Bitcoin price target of 0,000 by the end of this year, despite current market volatility and geopolitical tensions. In a comprehensive interview with BNN Bloomberg, Kendrick highlighted the significant role of ETF inflows and upcoming halving events in driving Bitcoin’s price.
Why Bitcoin Is Set For A Rally To 0,000 By Year-End
One of the principal drivers identified by Kendrick is the remarkable influx of capital into Bitcoin ETFs within the United States. Since the inception of these ETFs in early 2024, they have witnessed approximately billion in net inflows. Kendrick highlighted the significance of these developments, stating, “The ETF inflows in the US have dominated really the demand supply metrics in 2024 so far. This is huge in terms of how the ETFs have gone so far.”
He drew parallels between the current trends in Bitcoin and the historical performance of gold following the introduction of gold ETFs. Kendrick elaborated on the potential scale of this trend by projecting, “From the start of this year to when the ETF market in the US is mature, we’ll get between and 0 billion of inflow.”
In addition to the ETF inflows, the Bitcoin halving event was identified as another pivotal factor. This event, which reduces the reward for mining new blocks thereby halving the rate of new Bitcoin entering circulation, is set to reduce the daily production from 900 BTC to 450 BTC.
Although Kendrick mentioned that this halving might be “less important than previous ones,” he still considers it significant in the short-term supply dynamics. He stated, “Obviously, once we have the halving […], you have only half as many new coins, so that helps at the margin.”
Responding to questions about market skepticism, particularly criticism from figures such as JPMorgan CEO Jamie Dimon, who described Bitcoin as a “Ponzi scheme,” Kendrick offered a defense of Bitcoin’s underlying technology. He argued, “There’s a lot of people out there that don’t understand the basic methodology behind Bitcoin. And it’s really that blockchain technology, which is where the value is medium term.”
Looking Further Ahead
Kendrick continued, explaining the transformative potential of blockchain technology not just for financial services but across various industries, “Bitcoin is the first in on that. It’s the largest asset at the moment, makes up for more than 50% of the crypto market, but that opens up the Ethereum and other use cases, which quite frankly, over the next five to 10 years, you can easily see a lot of traditional finance go on chain.”
Furthermore, he addressed the recent market volatility, noting that Bitcoin had experienced a significant sell-off just prior to the halving, with 0 million in Bitcoin leverage positions being liquidated. The Standard Chartered exec interpreted this as a market correction that might set the stage for a healthier build-up post-halving, saying, “We’ve had a large move lower in Bitcoin. Specifically, on Saturday last weekend, there were 0 million Bitcoin leverage positions that were liquidated. So the market is now looking much more square going into the halving, if you like, in terms of leverage.”
Summarizing his perspective on the future trajectory of Bitcoin, Kendrick expressed a confident outlook, projecting not only recovery but a robust increase in Bitcoin’s price, driven by both the maturation of the ETF market and ongoing technological advancements. His vision for Bitcoin by the end of 2025 reaches even beyond the current year’s target, predicting a potential value of 0,000 per coin.
At press time, BTC traded at ,556.
Standard Chartered Predicts Bitcoin At $150,000, ETH At $8,000 By Year-End
Standard Chartered’s latest research notes offer a very bullish outlook for the major digital assets, Bitcoin (BTC) and Ethereum (ETH), by the end of 2024 and beyond. The bank’s analysts project Bitcoin could reach 0,000, while Ethereum could hit the ,000 mark.
These projections come amidst a backdrop of significant developments in the crypto space, including the launch of Bitcoin spot Exchange-Traded Funds (ETFs) and Ethereum’s recent Dencun upgrade.
Bitcoin’s Path To 0,000
The bank’s research delves deep into the factors propelling Bitcoin’s potential surge to 0,000 by year-end. Central to this projection is the influence of Bitcoin spot ETFs, which, since their launch on January 11, have seen rapid inflows exceeding increases in open interest.
According to the bank, this suggests a more robust and sustainable positioning for Bitcoin, distinct from previous speculative peaks. “Rapid inflows to the new Bitcoin (BTC) spot ETFs have dominated […] Most of the inflows are likely to be sticky pension-type flows,” Geoff Kendrick and Suki Cooper elucidate, highlighting the newfound stability in Bitcoin investment trends.
Three pivotal analyses form the cornerstone of Standard Chartered’s Bitcoin valuation:
- Gold Analogy: Drawing parallels with the gold market’s response to the introduction of US gold ETFs, the bank estimates Bitcoin could rise to the 0,000 level, marking a 4.3x increase from its pre-ETF price.
- Two-Asset Optimization: By optimizing a portfolio with 80% gold and 20% Bitcoin at current gold prices, the analysis suggests a Bitcoin level around 0,000.
- ETF Inflows Correlation: Linear extrapolation based on the correlation between ETF inflows and Bitcoin price points to a possible 0,000 level, assuming total ETF inflows around the bank’s midpoint estimate of billion.
Standard Chartered notes that these three measures suggest “that 0,000 is the ‘correct’ end-2025 price level for BTC, […] and that it is likely to be the new midpoint for a sideways trading range at that time.”
Further the research notes that an “overshoot to 0,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.” Previously, the bank only predicted a Bitcoin price of 0,000 by the end of 2024.
Ethereum’s Road To ,000
Ethereum’s expected climb to ,000 by the end of 2024 is anchored in two transformative developments: the Dencun upgrade and the expected approval of ETH spot ETFs. The recent Dencun upgrade, by significantly lowering transaction costs on layer 2 blockchains, enhances Ethereum’s competitive edge.
“Ethereum (ETH) has just undergone the ‘Dencun’ upgrade, which dramatically lowers the cost of transactions […] making ETH more competitive,” the research notes.
The forecast also hinges on the anticipation of US SEC approval for ETH ETFs by May 23, a decision poised to catalyze substantial inflows into Ethereum. Drawing from the Bitcoin ETF experience, Standard Chartered expects similar enthusiasm for Ethereum, with projected inflows of 2.39-9.15 million ETH (equivalent to roughly -45 billion).
This substantial capital infusion is seen as a crucial lever for Ethereum’s price surge. “We expect significant ETF-driven inflows to ETH […] This could drive ETH to the ,000 level by end-2024,” the bank elaborates, underscoring the parallel potential for growth akin to Bitcoin’s trajectory.
The Prognosis For 2025 And Beyond
Looking further ahead, Standard Chartered ventures into the terrain of 2025 predictions, where the bank sees the ETH-to-BTC price ratio ascending back to the 7% level, a hallmark of the 2021-22 period.
This adjustment forecasts an Ethereum price of ,000 by the end of 2025, given the projected Bitcoin level of 0,000. Such a scenario underscores the bank’s optimism about the enduring value proposition and growth potential of these leading digital assets in the medium term.
At press time, BTC traded at ,401.
Analyst Predicts Shocking Bitcoin Price By Year-End Based On ETF Inflows
In an analysis released via X, Thomas Young, managing partner at RUMJog Enterprises, is projecting a staggering upward trajectory for Bitcoin’s price by the end of the year, basing his predictions on the influence of Bitcoin Exchange-Traded Funds (ETFs) inflows. As NewsBTC reported, Grayscale’s GBTC outflows have slowed down significantly recently, resulting in constant net inflows over the past five consecutive days,ranging from .8 million to 7.1 million.
The 118 Multiplier Concept
The crux of Young’s analysis hinges on the concept of the ‘118 multiplier’, a metric introduced by Bank of America in March 2021. This multiplier posited that an investment influx of approximately to million was needed to move Bitcoin’s price by 1%. At that time, Bitcoin’s market capitalization was approximately .09 trillion, corresponding to a unit price of around ,332.
Young’s forecast revisits and modifies this concept, emphasizing its non-static nature. He notes, “The Multiplier is a result of several interacting variables, including the volume and velocity of capital inflow, the readily tradable supply of Bitcoin, and external factors affecting risk metrics in the broader market.” Thus, the 118x multiplier is suggested to be a dynamic, rather than a fixed, indicator.
Drawing on data from HODL15Capital, Young observes a consistent growth in Bitcoin ETFs, averaging an influx of 4,193 BTC per day. This translates to approximately 6 million of net new capital daily. For forecasting purposes, Young adjusts this figure to 0 million daily, spread uniformly across the trading days of each month (typically 20-23 days).
Bitcoin Price Could Reach 1,000 By EOY
Applying a more conservative multiplier of 50x, as opposed to the original 118x or 100x, Young calculates an estimated monthly upward price pressure of ,000 per Bitcoin. This calculation leads to a year-end price target of at least 1,000 for Bitcoin. Young states, “This 1K represents the lower bound of the forecast, acknowledging that actual capital flow may not be uniform and other factors could increase the multiplier.”
The adjusted analysis also takes into account the irregularities observed in January, particularly the one-time selling of GBTC. Young revised the January data to provide a more accurate representation of the trend for the remainder of the year. He suggests, “A rule of thumb: the daily average BTC gain across all ETFs times gives a conservative estimate of the ETF growth’s price effect.”
Based on this model, Young’s monthly Bitcoin price predictions, assuming ETF inflows continue at the rate observed in the first 15 days, are as follows:
- January: ,000
- February: ,022
- March: ,044
- April: ,448
- May: ,852
- June: ,492
- July: ,896
- August: ,300
- September: 6,940
- October: 5,726
- November: 3,366
- December: 1,388
This meticulous analysis from Young not only highlights the potential impact of ETF inflows on Bitcoin’s price but also underscores the complexity and dynamic nature of cryptocurrency markets. However, other events that affect supply and demand dynamics, such as the next BTC halving, as well as macroeconomic developments (Fed rate cuts), among others, are other factors that make price predictions incredibly difficult.
At press time, BTC traded at ,021.
Coinbase Expects Spot Bitcoin ETFs to Add Billions to Crypto Market — Says SEC Approval Possible by Year-End
Cryptocurrency exchange Coinbase says spot bitcoin exchange-traded funds (ETFs) could add billions of dollars to the total crypto market cap. Coinbase also believes that the chances of one or more spot bitcoin ETFs being approved by the U.S. Securities and Exchange Commission (SEC) before the end of 4Q23 “have sharply improved.”
Coinbase’s Spot Bitcoin ETF Prediction
Coinbase Institutional, a division of crypto exchange Coinbase (Nasdaq: COIN) that provides solutions for institutional investors, released its November Monthly Outlook titled “Why an ETF Matters” on Sunday.
David Duong, Head of Institutional Research at the cryptocurrency exchange, detailed that spot bitcoin exchange-traded funds (ETFs) can take BTC “further into the mainstream, putting it within reach of millions of investors in broker-dealer, RIA [registered investment advisor] and tax-advantaged account structures.” He continued:
In the long run … spot bitcoin ETFs could add billions of dollars to the total crypto market cap as well as spark new potential investments for the asset class.
“While this will take time, we expect [spot bitcoin] ETFs to lay the foundation for a more regulated environment, greater inclusion, and a material growth in demand,” he opined.
“The impact of one or more spot bitcoin ETF approvals are significant, as it will open up a massive opportunity for the wealth management community, which handles over a third of all wealth in the U.S.,” the Coinbase head of institutional research described. “Moreover, we think ETFs can potentially lead to new financial products (like lending and derivatives).”
The Coinbase report further details:
In our view, chances have sharply improved that one or more spot bitcoin exchange-traded funds (ETFs) may be approved by the U.S. Securities and Exchange Commission (SEC) before the end of 4Q23.
“Typically, the SEC extends its decision window to the furthest extent allowed by its regulatory framework, which in this case would be the final deadline of January 10, 2024, for the ARK-21Shares Bitcoin ETF application,” the Nasdaq-listed crypto exchange explained. “However, the current timeline has been complicated by gridlock in the U.S. House of Representatives. A potential government shutdown on November 17 would furlough over 90% of SEC staff. As a result, we think there is currently an open window for the SEC to be proactive ahead of a possible shutdown.”
Coinbase further noted, citing Bloomberg Intelligence: “In recent weeks, we’ve seen a number of applicants amend their prospectuses with updated language, suggesting meaningful dialogue between these teams and the SEC. Although this is commonplace for such applications in other asset classes, this is a first for crypto.”
Do you agree with Coinbase that spot bitcoin ETFs will add billions to the crypto market cap and do you think the SEC will approve some applications this year? Let us know in the comments section below.
Crypto Forecast: Analyst Predicts ‘Santa Claus Squeeze’ May Deliver Year-End Gains
Markus Thielen, the Head of Crypto Research and Strategy at Matrixport, has hinted at a potential pre-Christmas rally with Bitcoin leading the charge.
This anticipation comes amid a backdrop of macroeconomic shifts that could set the stage for a significant surge in crypto prices, which Thielen describes as the “Santa Claus squeeze.”
Thielen’s analysis is rooted in recent market movements where some altcoins began to outperform Bitcoin, suggesting a momentum build-up that could translate into substantial gains.
Macroeconomic Indicators Fueling Crypto Optimism
This concept of a “Santa Claus squeeze” in the crypto market, a term coined to describe the seasonal rally often seen in equity markets, is not new. Thielen, in his Deribit Insights report, noted that Bitcoin has historically seen an average rally of 23% during the festive months of November and December.
This trend, coupled with last week’s performance where alternative cryptocurrencies gained an edge over Bitcoin, lends credibility to the forecast of a year-end rally, according to the Head of Crypto Research and Strategy at Matrixport.
Notably, the potential for a “Santa Claus squeeze” is underpinned by several macroeconomic indicators that Thielen has identified. Thielen points to a trio of events that collectively signal an interest rate peak, setting a conducive stage for risk assets like cryptocurrencies.
The US Treasury’s pivot towards “slowing the pace of issuing longer-dated debt” is the first sign Thielen identified, implying expectations for a decline in interest rates, which historically benefit growth assets such as tech stocks and, by extension, digital currencies.
Adding to the mix is Federal Reserve Chair Jerome Powell’s “dovish” tone at the post-FOMC meeting press conference. His statements have been interpreted as a potential halt in rate hikes, with the possibility of cuts in 2024, bringing a dose of positiveness into the markets.
For context, during the conference, Fed Chair Jerome Powell discussed the balanced nature of inflation risks, referencing the term “symmetric” twice, which suggested a tone of accomplishment in the Federal Reserve’s efforts to reduce inflation. Additionally, Powell expressed his view that a recession is not on the horizon.
Furthermore, a less-than-stellar US nonfarm payroll reported last Friday suggests a “weakening labor market,” according to Thielen, reducing the chances of aggressive rate hikes in the future.
Bitcoin And Ethereum: A Potential Rally In Sight?
Drawing parallels with the past, Thielen recalled Bitcoin’s response at the end of the last Fed rate hike cycle in January 2019, which saw the cryptocurrency’s price rally by approximately 400%.
While Thielen tempers expectations for a repeat of such dramatic gains, the Head of Crypto Research and Strategy at Matrixport anticipates that Bitcoin and some other altcoins the analyst calls “higher beta crypto assets” could see considerable growth in the coming years.
The Head of Crypto Research and Strategy at Matrixport backed this bullish outlook further by the potential approval of a BlackRock spot Bitcoin ETF, which could act as a catalyst for a more widespread crypto rally.
Thielen’s observations extend beyond Bitcoin in another report. He notes the Ethereum ecosystem’s nascent signs of recovery, evidenced by increasing revenues and ETH’s resilience in holding the crucial support level of ,550.
The analyst also noted the outshining of Ethereum and other altcoins over Bitcoin, a shift reflected in their growing market dominance and trading volumes. The perpetual futures funding rate for both Bitcoin and Ethereum is also on the rise, mirroring a more confident stance among traders.
So far, Bitcoin is only up 1.3% in the past week and 0.3% in the past day, while Ethereum has recorded a higher gain of 5% in the past 7 days and 1% over the past 24 hours. BTC currently trades at ,987 and ETH at ,897 at the time of writing.
Featured image from Unsplash, Chart from TradingView
Ethereum Price Set to Reach $2,500 by Year-End, Predicts Finder’s Panel
The price of ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is anticipated to hit a high of .7K before settling at around .5K by the end of 2023, according to the latest report from Finder. The report is based on predictions by a panel of 29 cryptocurrency and fintech experts who also expressed confidence about the long-term growth of the digital currency. Additionally, most panelists believe it’s unlikely the Securities and Exchange Commission (SEC) will classify ETH as a security.
Ethereum Price Predictions and Market Outlook
Ethereum’s price uptick can be attributed to bitcoin’s recent surge, according to Omnia Markets founder and CEO, Mitesh Shah. He noted that as bitcoin’s value increases due to factors like institutional adoption, ether’s price is also expected to rise as investors look to diversify their portfolios. Shah gave an end-of-year prediction aligning with the panel average at ,400, in Finder’s latest ETH price prediction report.
Swyftx’s head of product, Tommy Honan, is even more bullish, predicting ether to end the year at ,500. He attributes his forecast to the successful upgrade to a proof-of-stake (PoS) consensus mechanism. He thinks the upgrade has made Ethereum more efficient and deflationary and has boosted its appeal among both retail and institutional investors.
“Ethereum remains the standout second choice investment for both the retail and institutional investors alike. Following the successful upgrade to proof of stake, which has been akin to ‘changing a jet plane engine, mid-flight,’ ETH has become more efficient and deflationary to mention a few,” Honan remarked.
The panel’s optimistic view extends beyond 2023. They predict that by the end of 2025, ethereum’s price will reach ,845 and rise further to ,414 by the end of 2030. Futurist Joseph Raczynski is even more bullish, forecasting a price of ,000 for ETH by 2025, and nearly doubling to ,000 by 2030.
Raczynski believes that a number of regulatory hurdles will be overcome this year for ethereum, which will contribute to its overall growth. He adds that despite short-term growth, ethereum’s real price potential lies in the next 5-10 years.
Regulatory Uncertainty
A significant part of the panel discussion revolved around the SEC’s potential classification of ETH as a security. The majority (67%) of Finder’s panel do not believe that ETH will be deemed a security. However, 11% believe it is likely, while the remaining 22% are uncertain.
Seasonal Tokens founder Ruadhan O is part of the majority who believe that it’s unlikely ETH will be deemed a security. He expressed concern that such a ruling would limit the ability of U.S. residents to access smart contract technology.
“If ethereum is declared to be a security, then exchanges would not be able to offer it to U.S. residents without violating securities laws,” the Seasonal Tokens executive said. “This would make the US into the only country in the world where there is no easy access to smart contract technology.”
Digital Capital Management Managing Director Ben Ritchie, who falls within the 22% uncertainty bracket, noted that Ethereum’s decentralized nature could work in its favor. However, he expressed concerns about the increasing prominence of centralized staking solutions, which could pose a threat to the network’s decentralization.
Concluding the report, the majority (56%) of Finder’s panel believe now is the right time to buy ETH. About 41% advise holding onto the cryptocurrency, and a mere 4% suggest selling. You can read Finder’s report in its entirety here.
What do you think about the latest ether predictions by Finder’s experts? Share your thoughts and opinions about this subject in the comments section below.
Matrixport’s Year-End 2024 Prediction: Bitcoin to Reach $125,000 as Strong Performance Fuels Bullish Sentiment
While bitcoin has shown strong performance in the first half of 2023, Markus Thielen, the head of research at crypto firm Matrixport, released a prediction on July 5, 2023, stating that bitcoin (BTC) will reach 5,000 by the end of 2024. Thielen’s forecast is based on a signal indicating the conclusion of the bear market, which occurred when BTC reached its highest point in 12 months since the 2022 ‘Crypto Winter.’
Matrixport Research: Bitcoin Expected to Hit 5,000 by Year-End 2024
Bitcoin prices have experienced a period of consolidation over the previous three days. However, BTC’s value has still seen a notable increase of 17.5% over the past 30 days and a significant surge of 72% against the U.S. dollar within the last six months. This recent upward momentum has sparked several predictions.
Three days ago, Bitcoin.com News featured two projections regarding BTC’s price by the end of 2023. These reports revealed a wide range of forecasts, ranging from ,000 to ,000 per bitcoin. On July 5, 2023, Markus Thielen, the head of research at Matrixport, published his own prediction for the end of 2024.
Thielen emphasizes that BTC reaching its one-year high serves as a compelling indicator that has consistently marked the conclusion of bear markets and the onset of new crypto bull markets. The Matrixport researcher draws attention to notable instances when this signal occurred in August 2012, December 2015, May 2019, and August 2020. Thielen underscores that, in each of these cases, the bull market commenced within a timeframe of 12 to 18 months following the signal. The Matrixport executive added:
If history is any guide, then, there is now a 100% probability that by the end of 2024, Bitcoin will experience another massive bull market with a price target of 5,000 (+310%) – based on the previous three signals.
Matrixport’s projection for BTC’s price at the end of 2024 follows venture capitalist Tim Draper’s revised timeline for bitcoin’s value to reach 0,000. Draper acknowledged the possibility of a slightly extended wait, suggesting it could take an additional two years. These forecasts from Matrixport and Draper have also emerged with less than 300 days remaining until the next Bitcoin block reward halving. Matrixport predicts a price of ,160 for the halving, citing the Blackrock spot bitcoin exchange-traded fund filing and a surge in institutional interest.
“There is no obvious indication of what will drive the next bull market, but the data indicates that bitcoin could continue to rally into the 2024 halving,” Matrixport’s Thielen writes. “Many market participants argued that the bitcoin bear market would continue throughout the year as the overhang from the crypto bankruptcies and the expected regulatory backlash would cause prices to stay low for the year. ‘Matrix on Target’ had a different view, based on proven and reliable data analysis.”
What are your thoughts on Matrixport’s ambitious year-end 2024 prediction for Bitcoin? Do you believe BTC can reach 5,000 by then? Share your thoughts and opinions about this subject in the comments section below.