Crypto News

$150,000: Standard Chartered Bank Raises Bitcoin Price Forecast for 2024

[ad_1]

Global banking giant Standard Chartered has raised its bitcoin price forecast for the end of 2024 to $150,000, a significant increase from its previous forecast of $100,000.

In a new report, Standard Chartered analysts cited strong capital inflows into recently launched spot Bitcoin ETFs in the United States as the main driver of their bullish outlook. The bank believes that these “sticky” institutional flows will continue to propel the price of Bitcoin.

Standard Chartered has become one of the most Bitcoin-friendly traditional banks, with an active research team covering Bitcoin. Previously, the bank’s analysts predicted that Bitcoin would reach $100,000 by the end of 2024.

But with Bitcoin’s strong performance in early 2024, the team now expects it to reach $150,000 in the next nine months.

Standard Chartered Bank analysts led by Geoffrey Kendrick wrote: “For 2024, given the larger than expected price increases since the start of the year, we now see the potential for the price to reach the level of $150,000 by the end of the year, up from our previous figure. estimate of $100,000.

They expect the rally to continue through 2025, with Bitcoin potentially trading as high as $250,000 next year before settling around $200,000.

The updated price prediction comes as spot Bitcoin ETFs were approved in the United States earlier this year. Standard Chartered believes that these regulated investment vehicles generate significant institutional demand.

Combined with Bitcoin’s flat supply and other positive fundamentals, the bank believes there is substantial further upside potential. Based on growing mainstream adoption, Standard Chartered expects new highs.

Their bold call illustrates the growing willingness of major financial institutions to make ambitious predictions about the price of Bitcoin. If achieved, a rise to $150,000 would represent a 120% gain from current levels near $68,000. For Standard Chartered, Bitcoin’s status as “digital gold” continues to strengthen.

[ad_2]

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button