Bitcoin

1 Top cryptocurrencies will soar 116%, according to Standard Chartered. Is it a purchase?

Published

11 months ago

26 May, 2024

Analysts at a major British bank say that Ethereum (CRYPTO: ETH) is expected to more than double between now and the end of 2024. Does this projection make sense?

Bullish Standard Chartered Ethereum Analysis

Geoff Kendrick, Head of Emerging Markets Crypto and Exchange Research at Chartered Standard (OTC: SCBF.F), set a year-end price target of $8,000 at Ethereum (CRYPTO: ETH) earlier this week.

Speaking to crypto news site The Block on Tuesday, Kendrick predicted that the US Securities and Exchange Commission (SEC) would approve the first exchange traded funds (ETFs) tracking the spot price of Ethereum. He argued that the approval would inspire large flows of money into the Ethereum cryptocurrency, similar to the flows that followed after the approval of spot Bitcoin ETFs in January.

The analyst also noted that he correctly classified the money flow effects of the Bitcoin ETF approval and highlighted the long-term price increases that are expected to result from these substantial investment moves.

You see, Kendrick based his Ethereum price target on his latest Bitcoin (CRYPTO: BTC) target. In other words, Ethereum ETFs strike you as good news for the crypto market as a whole, not necessarily boosting Ethereum prices faster than the rest of the sector. Historically, Ethereum has closely tracked Bitcoin’s price movements due to its strong market correlation and shared investor sentiment.

“Given that we now see Bitcoin reaching the $150,000 level by the end of 2024, this would imply an $8,000 level for Ether,” said the Standard Chartered analyst.

SEC Moves Closer to Approving Ethereum ETFs

Two days later, the SEC approved a rule change that will result in the first Ethereum-based ETFs on US markets. The funds will not hit the market immediately, as the SEC must analyze each application in detail before approving anything. While this process could take months, the established precedent of Bitcoin ETFs suggests that SEC approval could be expedited. It’s still a long way toward final approvals, which now seems like a matter of time.

Crypto investors were excited by Standard Chartered’s prediction, sending the price of Ethereum up 23% the next day, while Bitcoin rose as much as 7%.

Market Reactions to ETF Predictions and News

However, the two biggest cryptocurrencies barely budged on the actual ETF news. Ethereum has remained stable since Kendrick’s prediction and Bitcoin fell a few percent on Friday.

But Kendrick’s analysis still seems directionally correct. The combination of ETF approvals and the recent Bitcoin halving should indeed drive another price surge for Bitcoin, Ethereum and many smaller altcoins over the next year or so. Rising investment star Cathie Wood of Ark Invest also set her year-end Bitcoin target at approximately $150,000, with much higher long-term goals in mind.

The story continues

Evaluating Kendrick’s analysis and its implications

From a simple logic point of view, the idea of rising cryptocurrency prices makes sense.

Bitcoin’s market value is receiving boosts from both sides of the supply and demand calculation. Halving Bitcoin mining rewards makes it harder to obtain newly minted digital coins. At the same time, the new ETFs open the floodgates for near-direct investments in Bitcoin by several new types of buyers – retail investors can now access Bitcoin ETFs (and soon Ethereum ETFs) in their retirement accounts, while money managers institutions can rely on family resources. ETFs instead of opening new accounts on unapproved cryptocurrency exchanges.

Burning the value candle at both ends, Bitcoin is facing increased demand and strictly limited supply. This is a recipe for higher prices, especially since the necessary process of mining Bitcoin ceases to make economic sense unless coin prices increase enough to offset the lower rewards.

And where Bitcoin goes, other cryptocurrencies tend to follow. In particular, Ethereum tends to closely follow Bitcoin’s price chart:

Ethereum Price Chart

Balancing Your Portfolio with Crypto Investments

Standard Chartered’s Ethereum target is 116% above the smart contract pioneer’s current price (and 160% beyond where it was before Kendrick spoke to The Block). I can’t promise that it will exactly achieve this goal, but I am convinced that both Ethereum and Bitcoin will increase as the year goes on.

Unexpected twists and turns can derail the work, of course, and other unplanned events can push cryptocurrencies even higher. You never really know what will happen in this young and volatile market until it happens.

Therefore, I wouldn’t recommend backing the truck, literally betting the farm, or going overboard with crypto investments right now. A diversified approach with crypto playing a modest role in a diversified portfolio will allow you to enjoy the benefits of a price rise without risking everything. Ethereum looks like a solid buy today, but I wouldn’t hold my breath waiting for Kendrick’s specific $8,000 target to materialize.

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Anders Bylund has positions in Bitcoin and Ethereum. The Motley Fool has positions and recommends Bitcoin and Ethereum. The Motley Fool recommends Standard Chartered Plc. The motley fool has a disclosure policy.

1 Top cryptocurrencies will soar 116%, according to Standard Chartered. Is it a purchase? was originally published by The Motley Fool

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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