- The Bank increased its Bitcoin price prediction for the year from $100,000 to $150,000.
- Also, instead of $200,000, the bank has a target for $250,000 in 2025.
Cryptocurrencies’ price estimates for 2024 and 2025 were updated on Monday by banking behemoth Standard Chartered.
Bitcoin will likely reach $150,000 by year’s end, according to Standard Chartered, and $250,000 in 2025. In addition, the bank anticipates that the price of Ethereum (ETH) will hit $8,000 upon approval of a spot Ether ETF by the U.S. SEC.
Following Bitcoin’s recent all-time high, Standard Chartered increased its Bitcoin price prediction for the year from $100,000 to $150,000. This change is a result of optimization of portfolios, large inflows into spot Bitcoin ETFs, and the gold analogy.
Growing Demand
Also, instead of $200,000, the bank has a target for $250,000 in 2025. The bank’s projected price for the year and 2025 was raised by $50,000 mostly as a result of the growing demand in spot Bitcoin ETFs. When it comes to its 2024 Bitcoin price prediction, Standard Bank is feeling more certain.
Standard Chartered’s head of digital assets Geoff Kendrick stated:
“We believe that both of these comparisons are still relevant and provide insights into how the Bitcoin price might develop.”
Standard Chartered, in contrast, maintained its price goal for Ethereum but now predicts that the cryptocurrency would reach $8,000 in 2024 rather than 2026. The price of Ethereum is $3,497, at the time of writing.
The positive price estimate for ETH price is based on Standard Chartered’s analysis of the Ethereum Dencun upgrade and projected spot Ethereum ETF clearance. The bank is anticipating that a spot Ethereum ETF will be approved by the US SEC in May, which may result in an initial investment of $15-45 billion within the first year.
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