Saha Swatilakha
In the wake of Bitcoin’s latest all-time high, Standard Chartered has significantly updated its financial forecasts, indicating a stronger bullish outlook for the leading crypto.
The bank now predicts a striking 50% increase from its previous forecast, anticipating that Bitcoin (BTC) will reach a monumental $150,000 by the end of 2024. This revised projection marks a substantial uplift from last year’s estimate, which pegged Bitcoin at a $100,000 value by year-end.
The optimism doesn’t stop there. StanChart sees Bitcoin’s value soaring to $200,000 by 2025, especially if Spot Bitcoin ETF inflows maintain their steady momentum. This projection is underpinned by what Standard Chartered describes as “sharper-than-expected price gains” over the current year, coupled with the anticipation of the upcoming Bitcoin Halving event on the cryptocurrency’s valuation.
The bank’s analysis draws a compelling parallel between the trajectory of Bitcoin’s price and the historical movement of gold prices following the introduction of gold exchange-traded funds (ETFs) in the U.S.
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Moreover, Stand Chart extends its optimistic forecasts, hinting at a potential surge in Ether prices. The bank suggests that Ether could ascend to $8,000 by the end of the year, contingent upon the approval of ETH ETFs in the U.S.
Standard Chartered’s ambitious forecasts underscore a growing confidence in the crypto market’s potential, highlighting the significant impact of ETF inflows and regulatory milestones on the future of valuations.
Related: The History of Altcoins: How Bitcoin’s Rivals Changed the Crypto Game
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SAHA
Saha is a cryptocurrency journalist specializing in blockchain technology and digital finance.
