A financial analyst has predicted that Bitcoin is poised to reach a new all-time high by the end of this week, surpassing its previous record set on March 14th at $73,798.

Geoff Kendrick, the Head of FX Research and Digital Assets Research at Standard Chartered Bank, has expressed confidence in his price targets for Bitcoin, projecting it to reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Kendrick's optimism is further bolstered by the potential approval of spot ether ETFs this week, which could validate the cryptocurrency sector and positively impact Bitcoin's performance.

Recent days have witnessed increased inflows into spot Bitcoin ETFs, reaching a new all-time high of $12.9 billion. Kyle Rodda, a Senior Market Analyst at Capital.com, has noted that Bitcoin's price movement is closely tied to the performance of the top 100 tech companies on the Nasdaq, with both pushing towards record highs.

In the last 24 hours, the entire cryptocurrency market has experienced a significant rally, increasing by over 8%. This surge follows the SEC's request for updates to 19b-4 filings for spot ether ETFs, indicating potential progress towards approval. The first deadline for spot ether ETF is approaching, with VanEck's on May 23 and Ark Invest/21Shares' on May 24.

Bloomberg ETF analysts James Seyffart and Eric Balchunas have stated that the chances of the SEC approving such a product have increased from 25% to 75% after the SEC's request. Bitcoin's price has increased by over 3.68% in the last 24 hours, trading at $69,940, while the GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 8.78% to 148.81 in the same period.