An approval of a spot ether exchange-traded fund (ETF) this week would further legitimize the cryptocurrency sector and therefore be positive for bitcoin as well, an analyst said.

"I would expect a fresh all-time high in bitcoin by the weekend, through the 14 March $73,798 level," Standard Chartered Bank Head of FX Research and Digital Assets Research Geoff Kendrick said in an email sent to The Block.

Bitcoin year-end price target

Kendrick added that the renewed optimism surrounding the potential approval of spot ether ETFs this week gives him more confidence in his price targets for bitcoin of $150,000 by year-end 2024 and $200,000 by year-end 2025.

Kendrick also pointed out that recent days have been much more constructive, with increased inflows into spot bitcoin ETFs, …