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

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

Kendrick also reaffirmed his bullish outlook on Bitcoin's price, maintaining projections that it could reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Achieving a price of $150,000 would elevate Bitcoin's market capitalization to $3 trillion, a milestone recently attained by Nvidia.

Looking ahead to the US election, Kendrick views it as a significant factor influencing Bitcoin prices. He noted that while the Biden administration has taken a cautious approach, former President Donald Trump is seen as more supportive of cryptocurrencies.

Kendrick suggested that if Trump were to win the election, Bitcoin could potentially reach $100,000 and even climb to $150,000 by the end of the year.

Amid these positive trends, Kendrick advised investors to maintain their positions in Bitcoin. He pointed to a surge in net inflows into US spot Bitcoin ETFs, surpassing $15 billion recently, with strong institutional participation indicating sustained interest in Bitcoin ETFs.

The approval of Ethereum ETFs has also bolstered confidence in the crypto market, aligning with earlier projections that institutional inflows into spot ETFs could be substantial throughout 2024.