Standard Chartered has updated its significant predictions for cryptocurrencies Bitcoin and Ethereum, exciting investors. The bank has increased its year-end forecast for Bitcoin to $150,000, marking a 50% increase from its previous prediction. This increase is backed by the expectation of strong inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States. The bank anticipates that these inflows will boost interest in Bitcoin and drive up prices.
Bitcoin Price Could Reach These Levels by 2025
The revised forecast also suggests that Bitcoin will stabilize around $200,000 before reaching $250,000 during its 2025 cycle. Analyses indicate that the launch of gold ETFs in the US could influence Bitcoin prices in a manner parallel to gold’s historical performance.
The bank also notes that there is potential for a significant price surge if ETF inflows increase or if reserve managers begin purchasing Bitcoin.
Ethereum Could Hit $8,000
For Ethereum, Standard Chartered anticipates the impact of a potential Ethereum (ETH) exchange-traded fund (ETF) that may be approved by the Securities and Exchange Commission (SEC) on May 23. The bank predicts that this approval could lead to a significant inflow of capital into Ethereum within the first 12 months, potentially driving Ethereum prices up to $8,000 by the end of 2024.
The bank’s analysis indicates that the future trajectory of both Bitcoin and Ethereum will be shaped under the influence of regulatory developments, ETF approvals, and institutional investment trends. As of writing this article, the price of Bitcoin is trading at $68,250, while Ethereum is trading at $3,596.
