A modest increase in Bitcoin’s price over February 15–16 could trigger inflows into ETFs with the opening of traditional markets on Monday. This would push the leading cryptocurrency to levels of $100,000 and $102,500, reports The Block, citing analysts from Standard Chartered.
Recent weekends have been “challenging” for digital gold, but this trend is changing, according to Jeffrey Kendrick, head of digital asset research at Standard Chartered.
In his view, adverse events have already occurred. Additionally, the yield on 10-year U.S. bonds is below 4.5% this week, which is a positive signal for risk assets like Bitcoin.
As these factors develop, the price of the leading cryptocurrency will first reach $100,000, followed by $102,500. Kendrick believes that the rise could lead to even greater demand for coins and further positive momentum.
At the time of writing, Bitcoin is trading at $97,260 with a market capitalization of $1.93 trillion. Over the past day, the asset’s price has fallen by approximately 0.4%.
Earlier in February, Standard Chartered experts described market conditions as “favorable” for Bitcoin.