Standard Chartered Increases 2024 Bitcoin Price Target, Makes Record Forecast for Ethereum!

While Bitcoin, the leading cryptocurrency, renewed its ATH by rising above $ 73,000, it could not hold on there and fell to $ 64,000 levels over the weekend due to the selling pressure it encountered.

Now, while investors are wondering in which direction BTC will move, the UK-based giant bank Standard Chartered has increased its 2024 year-end BTC price forecast.

According to Coindesk, the giant bank increased its year-end Bitcoin price target by 50% to $150,000.

In addition, bank analysts stated that Bitcoin will reach $ 250,000 in 2025 and said that they expect BTC to settle at $ 200,000 after this ATH.

Analysts said they based their analysis on a comparison of the gold price after the launch of gold ETFs in the US and the correlation between spot Bitcoin ETF inflows and the BTC price.

“We think gold ETF history, both in terms of spot Bitcoin ETF impact and optimal portfolio mix, remains a good starting point for predicting the ‘correct’ BTC price level over the medium term.

“At this point, if ETF inflows reach our midpoint estimate of $75 billion and/or reserve managers buy BTC, we see a high probability of exceeding the $250,000 level in 2025.”

Standard Chartered analysts also said they think the SEC may approve a spot Ethereum ETF in May, stating, “The London Stock Exchange’s recent announcement that it will accept applications for BTC and ETH-backed exchange-traded bonds in the second quarter has led to the SEC’s decision to approve ETH ETFs in the US.” He raised the possibility of approval on May 23. At this point, if ETF approval comes in May, it will lead to inflows of up to $45 billion in the first 12 months, with ETH reaching approximately $8,000 by the end of 2024.” said.

Analysts recently stated that in 2025, the ETH-BTC price ratio will rise again to the 7% level seen in most of 2021-22. “Given our $ 200,000 price prediction for Bitcoin at the end of 2025, this prediction means that the ETH price will also reach $ 14,000.” said.

*This is not investment advice.