British multinational bank Standard Chartered is even more bullish on Bitcoin, predicting that the largest cryptocurrency will reach $150,000 in price this year.
Analysts at the bank added in a research note on Monday that the digital coin could reach $250,000 in 2025 if exchange-traded fund (ETF) flows continue to increase.
Standard Chartered Analyst Said This time last year, it was predicted that Bitcoin could reach $100,000 by 2024. By the summer, they had revised their forecast to a price of $120,000 for the same period.
“The $150,000 level is likely in 2024,” the memo from Jeff Kendrick and Suki Cooper said. “Given the more rapid transfer from previous ETF inflows to BTC prices, we are raising our long-held price forecast to the $100,000-$150,000 level towards the end of 2024.”
The U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs in January. Investment vehicles that trade on stock exchanges and allow people to buy stocks that track the cost of assets are expected to see record inflows due to growing demand from traditional investors.
Standard Chartered claimed that the price of Bitcoin will continue to rise if the new ETF continues to be successful.
The bank’s analysts used a gold ETF analogy to reach the $250,000 level in 2025. They write that when gold ETFs hit the market, new investors gained access to the market, driving up commodity prices.
While the price of gold rose slowly as investors poured cash into ETFs, Standard Chartered argued that the Bitcoin market “will mature sooner.”
According to CoinGecko, the price of Bitcoin hit a new all-time high of $73,737 last week. The case has since been settled and is currently trading for around $67,100.
Edited by Andrew Hayward
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
