Geoffrey Kendrick, the head of crypto research at Standard Chartered, foresees Bitcoin's ongoing surge over the next 24 months, culminating in a price of $200,000 per coin by the end of 2025.

During a CNBC interview on February 29, Kendrick pointed to macro and fundamental indicators, suggesting a sustained rally for the flagship cryptocurrency.

Standard Chartered had previously made similar forecasts before the approval of spot Bitcoin exchange-traded funds (ETFs). The lender emphasized the significance of ETF approval for Bitcoin to reach $200,000.

Kendrick anticipates that heightened demand for Bitcoin will drive it to a new all-time high before the halving event, which is less than two months away. He predicts Bitcoin reaching $100,000 by the end of this year, aided by the halving's further reduction of supply.

The halving event, which halves the reward for mining new bitcoins, is expected to decrease Bitcoin's inflation rate from about 1.7% to approximately 0.8%. Historically, this reduction in supply has been a major catalyst for price increases.

The significant inflows into newly launched spot Bitcoin ETFs at the beginning of 2024 are another key factor driving the bullish outlook. Kendrick highlighted these ETFs, which have seen inflows of $14 billion, with a net inflow (excluding Grayscale’s outflows) of about $6 billion, equivalent to approximately 110,000 new Bitcoins. The Newborn Nine ETFs are acquiring Bitcoin at an average rate of 10,000 BTC per day, surpassing the daily production of 900 BTC, indicating a demand ten times higher than the supply.

Moreover, Kendrick mentioned broader market conditions and potential shifts in Federal Reserve policies as supportive factors for Bitcoin's ascent. With expectations of Fed rate cuts by mid-year, the easing monetary policy may favor risk assets, including crypto.

He emphasized that the overall growth narrative, fueled by optimistic stock market trends, coupled with ETF inflows and the halving event, presents a compelling case for Bitcoin's upward trajectory.