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Standard Chartered has changed its price prediction for Bitcoin, hinting at a bullish future for the cryptocurrency. It now believes BTC could potentially reach a staggering $150,000 by the end of 2024, a significant increase from its earlier prediction.
Looking even further ahead, Standard Chartered suggests that Bitcoin could skyrocket to around $250,000 by the end of 2025 before stabilizing. This surge is projected to be fueled by a combination of robust ETF inflows, interest from reserve managers and the upcoming Bitcoin halving event, which traditionally has had a positive impact on the cryptocurrency’s value.
As for Ethereum, the bank is also optimistic, expecting it to reach as high as $8,000 by the end of 2024 and $14,000 by the end of 2025. These projections are based on the potential approval of Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC), which could lead to an explosive rally on ETH, similar to what we have seen on Bitcoin.
Analyzing the future of Bitcoin based on its chart, we can observe that BTC has been showing strong performance. The support levels to watch for Bitcoin in this bullish scenario would likely be around the $53,797 and $45,885 marks, which align with the 100 and 200-day moving averages, respectively.
On the upside, the resistance to break for further growth is at the recent peak around $70,000. A successful Bitcoin consolidation above this level could push the digital gold's value up thanks to increased market stability.
Remember, while bank predictions and technical analysis can provide insights into possible future price movements, markets are extremely volatile right now, and every strong move upward may lead to a strong correction, which might nullify your gains. Stay cautious and don't overuse leverage.