Bitcoin is set to potentially achieve a new record high over the weekend if upcoming payroll data on June 7 proves favorable, according to Geoffrey Kendrick, head of crypto research at Standard Chartered. Kendrick anticipates that this could pave the way for Bitcoin to reach $80,000 by the end of June.

As of the latest update, Bitcoin was trading slightly above $71,000.

Kendrick also reiterated his bullish outlook on Bitcoin, maintaining previous forecasts that it could reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Achieving these price levels would push Bitcoin’s market capitalization to $3 trillion, akin to Nvidia's recent milestone.

Looking ahead to the US presidential election, Kendrick views it as a significant factor influencing Bitcoin's price trajectory. He noted that while the Biden administration has taken a cautious approach, with approvals for Ethereum ETFs but maintaining regulations like SAB 121, former President Donald Trump is seen as more supportive of cryptocurrencies.

Kendrick suggested:

“As we approach the US election, I expect Bitcoin to rise to $100,000, potentially reaching $150,000 by year-end in the event of a Trump victory.”

He advised investors to hold their positions in Bitcoin amid favorable market conditions.

The optimistic forecast coincides with a surge in net inflows into US spot Bitcoin ETFs, surpassing $15 billion. This trend includes 17 consecutive days of positive movement, with a notable $887 million in new investments on Tuesday alone, the second-highest single-day inflow recorded.

Kendrick highlighted:

“The significant institutional participation in Bitcoin ETFs underscores confidence in the market, indicating sustained inflows.”

In addition to Bitcoin, the approval of Ethereum ETFs has further strengthened market sentiment. Kendrick’s earlier projections anticipated substantial new inflows into spot ETFs throughout 2024, and current trends align closely with these forecasts.