- Standard Chartered analysts project Bitcoin to reach $150,000 by the end of 2024, citing the continued success of Bitcoin ETFs.
- The bank revises its previous forecast of $100,000, attributing the accelerated growth to rapid ETF inflows.
- Drawing comparisons to gold ETFs, analysts anticipate Bitcoin’s market to mature faster, potentially reaching $250,000 by 2025.
Standard Chartered, a British multinational bank, has raised its bullish outlook on Bitcoin. It is forecasting the cryptocurrency to hit a staggering $150,000 in value by the end of this year.
Analysts from the bank attribute this optimistic projection to the continued success of Bitcoin exchange-traded funds (ETFs). This has witnessed significant inflows from traditional investors.
Rapid Adoption of Bitcoin ETFs
The approval of 11 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission in January has paved the way for increased mainstream adoption of cryptocurrencies. These investment vehicles, which allow investors to buy shares tracking the price of Bitcoin, have garnered substantial interest, driving record inflows into the market.
Standard Chartered analysts had initially predicted Bitcoin to reach $100,000 by 2024. But the rapid pace of ETF inflows has led them to revise their estimates upwards.
“For 2024, the $150,000 level now looks likely,” the note by Geoff Kendrick and Suki Cooper read. “For end-2024, we raise our long-held price estimate to the $150,000 level from $100,000 given the more rapid pass-through from ETF inflows to the BTC price to date.”
Chartered Analyst
Moreover, with the current trajectory, they now anticipate Bitcoin to surpass the $150,000 mark by the end of the same year. This is reflecting the accelerated impact of ETF investments on the cryptocurrency’s price.
Comparisons to Gold ETFs
Drawing parallels to the introduction of gold ETFs, the analysts suggest that Bitcoin’s market will mature at a much faster rate. Historically, the launch of gold ETFs has led to a gradual increase in the commodity’s price as new investors entered the market.
However, Standard Chartered argues that the growth of the Bitcoin market will outpace that of gold, potentially propelling the cryptocurrency to $250,000 by 2025.
Current Market Performance
Bitcoin recently achieved a new all-time high of $73,737, signaling strong investor confidence and market momentum. Despite a slight pullback, with the current trading price hovering around $67,100, Bitcoin’s resilience and upward trajectory remain evident.
As Bitcoin continues to gain traction as a mainstream investment asset, fueled by the success of ETFs and growing institutional interest. Standard Chartered’s bullish forecast underscores the potential for further price appreciation in the cryptocurrency market.
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