Geoff Kendrick, head of digital asset research at Standard Chartered Bank, believes bitcoin (BTC) will rise post-halving due to under-leveraged positions in the market.
As tensions in the Middle East increased, the crypto market faced liquidations of millions in short and long positions. BTC dropped from $71,000 to $61,000 in one day with the news of Iran's attack on Israel. This resulted in losses to more than 300,000 investors with liquidations of $1.8 billion.
Kendrick stated that the liquidation of leveraged positions has opened a path for the crypto market to rise and is poised to rise from its current position.
Additionally, aside from less leveraged positions in the market, Kendrick noted that spot Bitcoin exchange-traded funds (ETF) entrants and positive news expected from the situation between Iran and Israel could trigger BTC's rise.
Kendrick estimates that the Bitcoin ETF space is similar to gold and could grow 4.3x with inflows over time. This could see BTC rise to $150,000 by the end of 2024 and $200,000 in 2025.
