Many crypto skeptics laughed over a month ago when, back on February 5, Standard Chartered analyst Geoff Kendrick predicted that Ether (which was then trading in the low $2000s) would hit $4,000 by May, around the time the Ethereum ETF was to be approved.
They weren’t laughing when we got there just one month later, and more than two months ahead of schedule.
They also laughed when back in January, Kendrick laid out his “high” case for bitcoin ETF accumulation – one which would justify a 2024 year-end price of $100,000 – as hitting 400,000 in early April, on their way to 1.32 million “coins” at year-end (or just 437,000 in the low case).
Fast forward to today – it’s not even April yet – and already the nine new ETFs have accumulated a whopping 458,000 bitcoin, after net buying virtually every single day since the SEC authorized bitcoin ETFs.
Bottom line: of all sellside analysts, Kendrick has proven time and again to be one of the most accurate, which is why latest research notes – one on bitcoin, and on ether – published earlier today, should be required reading for anyone following the crypto sector.
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