Bitcoin to rally to $150,000 this year and could touch $250,000 in 2025, per Standard Chartered.
Standard Chartered (STAN) has increased its year-end forecast for bitcoin's (BTC) price to $150,000, up from $100,000. The bank also projected that BTC will reach a cycle high of $250,000 next year before stabilizing around $200,000, according to an investment note sent via email on Monday.
Bitcoin to rally to $150,000 this year and could touch $250,000 in 2025
3/26/2024
The analysis from Standard Chartered is based on a comparison with the price of gold following the introduction of gold exchange-traded funds (ETFs) in the U.S., as well as a correlation between ETF inflows and the BTC price. With spot bitcoin ETFs commencing trading in the U.S. in January, the bank sees the gold analogy as a good reference point for estimating the "correct" BTC price level in the medium term.
"If ETF inflows reach our mid-point estimate of $75 billion, and/or if reserve managers buy BTC, we see a good chance of an overshoot to the $250,000 level at some stage in 2025," the note stated.
Standard Chartered also mentioned the potential approval of an ether (ETH) ETF by the Securities and Exchange Commission on May 23, which could lead to inflows of up to $45 billion in the first 12 months and ETH reaching around $8,000 by the end of 2024 (currently trading around $3,570).
"In 2025, we see the ETH-to-BTC price ratio rising back to the 7% level that prevailed for much of 2021-22," the bank added. "Given our estimated BTC price level of USD 200,000 at end-2025, that would imply an ETH price of $14,000."
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