Bitcoin's Path to $200,000 Following $19B Market Liquidation
Despite a recent market downturn, Bitcoin remains poised for significant growth, potentially reaching $200,000 by the end of the year, according to analysts.
Bitcoin’s prospects for reaching $200,000 by year’s end remain strong, despite facing a significant market downturn resulting in a staggering $19 billion in liquidations. Analysts suggest that this setback may actually present a buying opportunity.
Following the recent market crash, investors have shown renewed interest in cryptocurrencies, potentially igniting Bitcoin’s ascent above $200,000 this year, according to Geoff Kendrick, Standard Chartered’s lead researcher for digital assets.
However, the anticipated influx of funds from U.S. spot Bitcoin ETFs is still absent, dampening the cryptocurrency’s upward momentum.
In October, Bitcoin is on course for its worst performance since 2013, reflecting uncertainty in the market.
Bitcoin ETF inflows, weekly, all-time chart. Source: Sosovalue.com
$19 billion market crash opens opportunities for Bitcoin’s rise
According to Kendrick, Bitcoin could still attain a $200,000 value by year’s close, notwithstanding the immense liquidation event witnessed on October 10, which plunged Bitcoin to a four-month low of $104,000. Following this tumult, the market might be stabilizing, making it an advantageous moment for investors.
“My official forecast is $200,000 by the end of the year,” Kendrick expressed in an exclusive interview at the European Blockchain Convention in Barcelona.
Kendrick remains optimistic despite ongoing uncertainties caused by political changes in the U.S. related to tariffs, believing there’s potential for Bitcoin to surge “well north of $150,000” by year’s end, provided the U.S. Federal Reserve maintains its trend of interest rate cuts.
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