Standard Chartered Bank Raises Bitcoin Price Forecast for Year-end to $150,000, Anticipates $250,000 in Current Cycle

Standard Chartered Bank Raises Bitcoin Price Forecast for Year-end to $150,000, Anticipates $250,000 in Current Cycle

Standard Chartered Bank Raises Bitcoin Price Forecast for Year-end to $150,000, Anticipates $250,000 in Current Cycle

According to a report from CoinDesk, Standard Chartered Bank has revised its year-end price prediction for Bitcoin (BTC) to $150,000 and predicts that Bitcoin will reach a peak of $250,000 in this cycle. The bank also predicts that if an Ether (ETH) spot ETF is approved in the United States, the price of Ether could reach $8,000 before the end of this year.

Bitcoin to reach $250,000 in this cycle

According to an investment report released on Monday (18th), Standard Chartered Bank has revised its price prediction for Bitcoin at the end of 2024 from $100,000 to $150,000, and predicts that Bitcoin will reach a cycle peak of $250,000 next year, stabilizing at around $200,000.

Standard Chartered Bank’s analysis is based on the comparison between the launch of gold ETFs in the United States and the price of gold, as well as the correlation between ETF inflows and the price of Bitcoin. The report states:

Ether could reach $8,000 after spot ETF approval

Standard Chartered Bank also stated that the U.S. Securities and Exchange Commission (SEC) may approve an Ether (ETH) spot ETF on May 23, which could bring in up to $45 billion in inflows within the first 12 months and push the price of Ether to around $8,000 at the end of 2024.

In another report, Standard Chartered Bank stated:

As of the time of this article’s publication, the trading prices of Bitcoin and Ether were approximately $68,350 and $3,605 respectively, and the ETH to BTC exchange rate was approximately 0.0527 BTC.