Standard Chartered recently updated its forecast, now predicting that Bitcoin (BTC) will reach $150,000 by the end of 2024. This optimistic projection comes after the bank previously anticipated Bitcoin hitting the $100,000 mark by the end of last year. Furthermore, Standard Chartered has an even more bullish outlook for 2025, forecasting that Bitcoin could soar to $200,000, especially if Spot Bitcoin ETF inflows continue to be strong.<\/p>\n\n\n\n
The bank’s analysts, including Geoffrey Kendrick, highlighted these projections in a recent investor note. They emphasized the potential for Bitcoin to experience substantial price gains in the coming years, partially due to the positive impact of the upcoming Bitcoin Halving event. Standard Chartered also notes the asset’s “sharper-than-expected price gains” over the past year.<\/p>\n\n\n\n
Bitcoin has already set a new all-time high this year, touching $73,000 amid anticipation of 11 approved Spot Bitcoin ETFs. Despite recent price corrections, the momentum for Bitcoin remains strong, with expectations of further increases. Standard Chartered’s revised forecast reflects confidence in Bitcoin’s continued upward trajectory, with a significant jump from its previous $100,000 prediction for 2024.<\/p>\n\n\n\n
The bank’s analysts, led by Geoffrey Kendrick, also anticipate that Bitcoin could potentially reach $250,000 by 2025. This bold prediction is partly based on a comparison with the gold market, specifically how the price of gold moved following the approval of gold ETFs in the United States. The analysts suggest that for Bitcoin to achieve a 20% allocation in a portfolio optimized against gold, its price would need to climb to $190,000, assuming gold prices remain constant.<\/p>\n\n\n\n
Kendrick and his team draw an analogy between Bitcoin’s future price movement and the historical performance of gold after the introduction of gold ETFs. They argue that if Bitcoin’s market dynamics follow a similar path to gold’s, significant price increases are plausible. This comparison also involves portfolio optimization strategies, where the analysts see a future where portfolios might allocate 80% to gold and 20% to Bitcoin. For this allocation to make sense with current gold prices, Bitcoin’s value would need to see a dramatic increase.<\/p>\n\n\n\n
Standard Chartered’s updated forecast not only highlights the bank’s confidence in Bitcoin’s growth potential but also underscores the cryptocurrency’s increasing acceptance among traditional financial institutions. As we move closer to 2024 and beyond, the anticipation of Bitcoin’s price reaching these lofty heights will undoubtedly fuel further discussions and excitement within the cryptocurrency community and beyond.<\/p>\n","protected":false},"excerpt":{"rendered":"
Standard Chartered recently updated its forecast, now predicting that Bitcoin (BTC) will reach $150,000 by the end of 2024. This optimistic projection comes after the bank previously anticipated Bitcoin hitting the $100,000 mark by the end of last year. Furthermore, Standard Chartered has an even more bullish outlook for 2025, forecasting that Bitcoin could soar […]<\/p>\n","protected":false},"author":5,"featured_media":4389,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,18],"tags":[],"class_list":{"0":"post-4387","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-market-updates"},"acf":[],"yoast_head":"\n