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Crypto News

Standard Chartered Bank Raises Its Bitcoin Price Target To $150K In 2024, $250K By End Of 2025

Author

Rickie Sanchez

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Tags Editor's Choice / Slider Posts

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2 mins
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Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Category

Crypto News

Reading time

2 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update


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Key Takeaways

  • Standard Chartered has raised its year-end Bitcoin (BTC) forecast to $150,000 from $100,000 this year and $250,000 by the end of 2025.
  • The bank’s analysis is based on comparisons with the impact of gold ETFs on gold prices and a correlation between ETF inflows and BTC prices.
  • Standard Chartered also anticipates the Securities and Exchange Commission’s (SEC) approval of an Ethereum (ETH) ETF on May 23rd, leading to inflows of up to $45 billion in the first 12 months.

Standard Chartered Bank has increased its price prediction target for Bitcoin (BTC), suggesting bullish sentiments on the flagship cryptocurrency. The bank upped its year-end prediction for Bitcoin to $150,000, a 50% increase from their previous forecast of $100,000.

Bitcoin Spot ETFs To Drive Bitcoin’s Growth

Standard Chartered’s analysts see a similarity between the historical price rise of gold following the introduction of gold-backed exchange-traded funds (ETFs) in 2004, suggesting it may also follow the exact impact of similar financial instruments for Bitcoin. Spot Bitcoin ETFs were recently approved in the US on January 10th, 2024, and the bank believes these could attract major inflows, boosting Bitcoin’s price.

$250,000 By End Of 2025

Furthermore, Standard Chartered also predicts that Bitcoin could reach a high of $250,000 by the end of 2025 before settling around $200,000 by the end of this year.

Ethereum Spot ETFs

Besides Bitcoin, Standard Chartered is also predicting the approval of a spot Ethereum ETF in the US by May 23rd, 2024, which could drive the price of ETH to $8,000 by the end of this year.  

The bank further suggested that Ethereum could reach $14,000 by the end of 2025, assuming a return to the historical price ratio between ETH and BTC.

Cautionary Note

Standard Chartered’s revised prediction adds to the bullishness surrounding Bitcoin and the crypto markets. However, it’s important to remember that this is only a prediction made by the financial institution, and the actual price movements remain subject to market forces and unanticipated events.