British multinational bank Standard Chartered has increased its prediction for Bitcoin’s price by 50%, forecasting that the leading digital asset will be worth $150,000 by the end of 2024.
According to a CoinDesk report, the bank expects BTC to hit a record high of $250,000 by 2025 before rounding off the bull cycle around $200,000.
Standard Chartered derived its prediction from comparing BTC with gold and its performance after exchange-traded funds (ETFs) tracking the performance of the yellow metal were launched in the United States. The bank analyzed the correlation between Bitcoin ETFs and the price of BTC, identifying the effects of the funds’ inflows on the value of digital asset.
The authors of the investment report said there is a good chance BTC could skyrocket to $250,000 in 2025 if Bitcoin ETF inflows touch the mid-point estimate of $75 billion and reserve managers continue to acquire the asset. At the time of writing, spot Bitcoin ETF inflows had exceeded $12 billion just over two months after launch.
Standard Chartered’s latest forecast is 50% up from the $100,000 BTC price predicted in December 2023. Driven by the upcoming Bitcoin halving and ETF approvals, BTC could attract $50 billion to $100 billion worth of flows within a year, according to the bank. The financial institution also forecasted that BTC could be worth $200,000 by the end of 2025.
With BTC touching a new high of $73,900 last week, the asset’s performance has surpassed the bank’s expectations. Notably, BTC had fallen to $68,000 at the time of writing.
Besides Bitcoin, Standard Chartered also expects Ether (ETH) to soar to $8,000 by the end of 2024 and $14,000 by 2025. Ether’s prediction is based on estimated inflows of $45 billion expected in the first 12 months of Ethereum ETFs’ trading if the U.S. Securities and Exchange Commission (SEC) approves their launch by May 23.
Meanwhile, ETH changed hands at $3,590 at the time of writing, per data from CoinMarketCap.
The post Standard Chartered Ups Bitcoin Prediction by 50%, $150K by 2024 End appeared first on CryptoPotato.
According to a CoinDesk report, the bank expects BTC to hit a record high of $250,000 by 2025 before rounding off the bull cycle around $200,000.
BTC to Hit $150K in 2024
Standard Chartered derived its prediction from comparing BTC with gold and its performance after exchange-traded funds (ETFs) tracking the performance of the yellow metal were launched in the United States. The bank analyzed the correlation between Bitcoin ETFs and the price of BTC, identifying the effects of the funds’ inflows on the value of digital asset.
The authors of the investment report said there is a good chance BTC could skyrocket to $250,000 in 2025 if Bitcoin ETF inflows touch the mid-point estimate of $75 billion and reserve managers continue to acquire the asset. At the time of writing, spot Bitcoin ETF inflows had exceeded $12 billion just over two months after launch.
Standard Chartered’s latest forecast is 50% up from the $100,000 BTC price predicted in December 2023. Driven by the upcoming Bitcoin halving and ETF approvals, BTC could attract $50 billion to $100 billion worth of flows within a year, according to the bank. The financial institution also forecasted that BTC could be worth $200,000 by the end of 2025.
With BTC touching a new high of $73,900 last week, the asset’s performance has surpassed the bank’s expectations. Notably, BTC had fallen to $68,000 at the time of writing.
Ether at $8,000?
Besides Bitcoin, Standard Chartered also expects Ether (ETH) to soar to $8,000 by the end of 2024 and $14,000 by 2025. Ether’s prediction is based on estimated inflows of $45 billion expected in the first 12 months of Ethereum ETFs’ trading if the U.S. Securities and Exchange Commission (SEC) approves their launch by May 23.
Meanwhile, ETH changed hands at $3,590 at the time of writing, per data from CoinMarketCap.
The post Standard Chartered Ups Bitcoin Prediction by 50%, $150K by 2024 End appeared first on CryptoPotato.
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