Bitcoin Can Hit a New All-Time High this Weekend, Acording to Forecast

The analysts at Standard Chartered Bank, who are known to be optimistic, see a new all-time high for Bitcoin (BTC) at the weekend. A possible approval of Ethereum ETFs should also help.

With prices around $70,000, Bitcoin (BTC) is showing strong this week; the valid all-time high from March is just under $4,000 or around 5% away

Bitcoin is also receiving tailwind from the fact that there are signs of a rethink by the Securities and Exchange Commission (SEC) in the USA. Because the authority has requested surprisingly quick improvements to applications for Ethereum ETFs and suddenly approval is on the cards, which could happen tomorrow, May 23rd, due to deadlines. In this situation, a current forecast from Standard Chartered Bank is receiving a lot of attention, which predicts a new all-time high for Bitcoin by the weekend.

Specifically, the benchmark is 73,798 per Bitcoin, which was listed on March 14, 2024. Then as now, BTC’s price curve was driven by the success of newly approved Bitcoin ETFs . Standard Chartered Bank now points out that Bitcoin ETFs are seeing capital inflows again and that a “green light” for Ethereum ETFs would strengthen the crypto sector as a whole. Such momentum is expected to help Bitcoin reach new record prices in the next few days.

Standard Chartered Bank, known for bullish reports, is now reiterating its price target of $150,000 for Bitcoin by the end of the year. For Ethereum, $8,000 has been announced as this year’s price target. In January, the bank predicted that Ethereum ETFs would be approved on May 23 and is now citing a probability of over 80 percent. In fact, Bloomberg ETF experts James Seyffart and Eric Balchunas are also observing hectic exchanges between the SEC and Ethereum ETF applicants, and they estimate the probability of an agreement this week at 75 percent.

Conclusion: Ethereum ETFs are in the air – Bitcoin on record?

In the USA, experts suspect that the SEC could change its mind about Ethereum ETFs because political pressure has arisen. Surveys show that crypto is becoming an issue in the US presidential election campaign and that the line previously taken by Joe Biden is not getting any votes, which Bitcoin and Co. are viewed with great suspicion.

SEC boss Gary Gensler was appointed to office by Biden. The belief is growing in the USA that Bitcoin and ETH can go on record hunts this week – if the approval of Ethereum ETFs becomes a reality.

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(Featured image by Byszek via Pixabay)

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