Standard Chartered has raised its year-end projection for Bitcoin's price by 50%, now estimating it to reach $150,000 The multinational bank anticipates that BTC will peak at $250,000 in 2025 before stabilizing at around $200,000 Should a spot exchange-traded fund gain approval, ether price could potentially surge to $8,000 by the end of the year.
According to CoinDesk, the information was disclosed in an investment note sent via email on Monday, March 18.
Standard Chartered's analysis is grounded in a comparative study of the price behaviour of gold subsequent to the introduction of gold exchange-traded funds (ETFs) in the United States. It also takes into account a correlation observed between ETF inflows and the price of BTC.
Standard Chartered said:
"We think the gold analogy – in terms of both ETF impact and the optimal portfolio mix – remains a good starting point for estimating the ‘correct’ BTC price level medium-term
"If ETF inflows reach our mid-point estimate of $75billlion, 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.
According to Standard Chartered, there's a possibility that the US Securities and Exchange Commission might approve an ether (ETH) exchange-traded fund (ETF) by May 23. This approval could result in significant inflows, potentially reaching up to $45 billion within the initial 12 months. Rise in Ethereum Standard Chartered further suggests that with such developments, the price of ETH could climb to approximately $8,000 by the conclusion of 2024. As of now, ETH is trading at approximately $3,570. Notably, Ethereum had reached a peak of $4,000 on March 11 but has since dipped and is currently hovering around $3,233, according to data from Coinmarketcap.
change-traded funds (ETFs) in the US, the values of digital assets have experienced consistent upward momentum. On March 14, Bitcoin, which stands as the leading cryptocurrency by market capitalization globally, surpassed $73,000, marking its highest valuation to date. Presently, the price of Bitcoin exceeds $62,000.
