cryptopotato.com
British multinational bank Standard Chartered has increased its prediction for Bitcoin’s price by 50%, forecasting that the leading digital asset will be worth $150,000 by the end of 2024.
According to a CoinDesk report, the bank expects $BTC to hit a record high of $250,000 by 2025 before rounding off the bull cycle around $200,000.
$BTC to Hit $150K in 2024
Standard Chartered derived its prediction from comparing $BTC with gold and its performance after exchange-traded funds (ETFs) tracking the performance of the yellow metal were launched in the United States. The bank analyzed the correlation between Bitcoin ETFs and the price of $BTC, identifying the effects of the funds’ inflows on the value of digital asset.
The authors of the investment report said there is a good chance $BTC could skyrocket to $250,000 in 2025 if Bitcoin ETF inflows touch the mid-point estimate of $75 billion and reserve managers continue to acquire the asset. At the time of writing, spot Bitcoin ETF inflows had exceeded $12 billion just over two months after launch.
Standard Chartered’s latest forecast is 50% up from the $100,000 $BTC price predicted in December 2023. Driven by the upcoming Bitcoin halving and ETF approvals, $BTC could attract $50 billion to $100 billion worth of flows within a year, according to the bank. The financial institution also forecasted that $BTC could be worth $200,000 by the end of 2025.
With $BTC touching a new high of $73,900 last week, the asset’s performance has surpassed the bank’s expectations. Notably, $BTC had fallen to $68,000 at the time of writing.
Ether at $8,000?
Besides Bitcoin, Standard Chartered also expects Ether ($ETH) to soar to $8,000 by the end of 2024 and $14,000 by 2025. Ether’s prediction is based on estimated inflows of $45 billion expected in the first 12 months of Ethereum ETFs’ trading if the U.S. Securities and Exchange Commission (SEC) approves their launch by May 23.
“In 2025, we see the $ETH-to-$BTC price ratio rising back to the 7% level that prevailed for much of 2021-22. Given our estimated $BTC price level of USD 200,000 at end-2025, that would imply an $ETH price of $14,000,” the bank stated.
Meanwhile, $ETH changed hands at $3,590 at the time of writing, per data from CoinMarketCap.