Summary
Standard Chartered has increased its Bitcoin price prediction for the end of 2024 to $150,000, citing strong inflows into spot bitcoin ETFs in the U.S. as a key driver. The bank believes institutional flows will continue to boost Bitcoin’s price, with potential for it to reach $250,000 in 2025 before settling around $200,000. The approval of spot bitcoin ETFs in the U.S. earlier this year is seen as bringing significant institutional demand. The bank’s analysts are optimistic about Bitcoin’s future due to its fixed supply and positive fundamentals, expecting new highs due to increasing mainstream adoption. This reflects a growing trend among major financial institutions to make bold bitcoin price forecasts, with a climb to $150,000 representing a 120% gain from current levels.
Key Points
1. Global banking giant Standard Chartered has increased its bitcoin price prediction for the end of 2024 to $150,000, citing strong inflows into recently launched spot bitcoin ETFs in the U.S. as a primary driver of their bullish outlook.
2. Standard Chartered analysts expect Bitcoin to potentially reach $250,000 in 2025 before settling around $200,000, as the rally is expected to continue due to the approval of spot bitcoin ETFs in the US and increasing institutional demand.
3. The bank’s updated price prediction reflects a growing willingness among major financial institutions to make ambitious forecasts for Bitcoin, with a climb to $150,000 representing a 120% gain from current levels and reinforcing Bitcoin’s status as “digital gold.”