crypto.news
Standard Chartered Bank has revised its forecast for Bitcoin’s price, anticipating a significant surge in value up to $150,000 by the end of 2024.
Previously predicting a milestone of $120,000, this upward revision follows a period of “sharper-than-expected price gains” for Bitcoin (BTC).
Furthermore, the bank envisions even more substantial gains in the following year, with a forecasted price of $250,000 for Bitcoin in 2025. The optimism is grounded in the anticipated impact of ongoing spot Bitcoin ETF inflows and the forthcoming Bitcoin halving event, factors expected to bolster the asset’s value.
Geoffrey Kendrick, one of Standard Chartered’s leading analysts, draws a parallel between Bitcoin and gold, suggesting that Bitcoin’s trajectory mirrors that of gold following the approval of gold ETFs in the United States. Based on the analogy, the bank projects a potential price increase for Bitcoin, aligning with portfolio optimization strategies.
To achieve the optimal portfolio balance, Kendrick proposes allocating 80% to gold and 20% to Bitcoin. This balance, he argues, necessitates a Bitcoin price increase to $190,000 to maintain the desired allocation.
Kendrick also predicts that the SEC will approve U.S. Ethereum ETFs by May 23, first with rejections and then mass approval, similar to the commission’s approach to the Bitcoin ETFs, which were approved on Jan. 11.