Standard Chartered and Matrixport both shout: Bitcoin hits new high in a few days, ETH ETF approval provides additional support

Analysts from Standard Chartered Bank and Matrixport believe that Bitcoin will hit a new all-time high in the next few days, benefiting from a dramatic turnaround brought about by the approval of the Ethereum spot ETF, which was previously not optimistic.

Continuously positive news for ETH, opinions: Approval of ETH ETF will bring epic victory for cryptocurrencies

Standard Chartered and Matrixport: Bitcoin Expected to Hit New Highs in a Few Days

Geoff Kendrick, head of forex research and digital asset research at Standard Chartered Bank, told The Block that Bitcoin is expected to reach a new all-time high over the weekend, surpassing the $73,798 level seen on March 14.

He believes that the increased probability of approval for an Ethereum spot ETF is a positive market catalyst, giving him more confidence in his price targets for Bitcoin of $150,000 by the end of this year and $200,000 by the end of 2025.

Geoff Kendrick also mentioned that recent developments in Bitcoin's trend have been constructive, including the total inflow of Bitcoin ETF funds reaching a record high of $12.9 billion.

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Matrixport emphasized that they had previously pointed out on May 17 that the "Bitcoin bull market is back," and Bitcoin has started to rebound since last weekend. They also believe that Bitcoin may reach its historical high of $73,000 in a few days.

Bitcoin as an Indicator of Monetary Policy

Kyle Rodda, senior market analyst at Capital.com, is optimistic about Bitcoin's outlook benefiting from the rise in tech stocks and the Federal Reserve's monetary policy.

He stated:

The movement of Bitcoin is closely related to the performance of the top 100 tech companies in the Nasdaq, and their rise indicates increased market confidence in a Fed rate cut this year as they are nearing historical highs. With low implied volatility and fairly bullish sentiment, Bitcoin remains an indicator of monetary policy expectations and risk appetite.

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According to CoinMarketCap, the cryptocurrency market cap rose by about 9% on May 20, totaling a 24% increase since May to reach $2.27 trillion.