Standard Chartered Predicts Bitcoin to Hit $150K in 2024

• Standard Chartered predicts Bitcoin to reach $150,000 by end of 2024.
• Bank forecasts Bitcoin value to increase to $250,000 by 2025.
• Ethereum projected to hit $8,000 after U.S. SEC approves Ether ETF.

On Monday, Standard Chartered, a major banking institution, revised its predictions for cryptocurrency values in 2024 and 2025.

Standard Chartered forecasts that Bitcoin’s value will climb to $150,000 by the close of this year and will further increase to $250,000 by 2025. Additionally, the bank predicts that Ethereum will reach a price of $8,000 following the U.S. SEC’s approval of a spot Ether ETF.

After Bitcoin achieved a new all-time high, Standard Chartered adjusted its end-of-year Bitcoin price forecast from $100,000 to $150,000. This adjustment reflects a combination of factors, including portfolio optimization, significant investments into spot Bitcoin ETFs, and comparisons to gold.

Increased Interest

Moreover, the bank has revised its 2025 Bitcoin price target from $200,000 to $250,000. The $50,000 increase in the bank’s forecast for this year and 2025 is largely attributed to the heightened interest in spot Bitcoin ETFs. Standard Chartered expresses greater confidence in its Bitcoin price forecast for 2024.

Geoff Kendrick, the head of digital assets at Standard Chartered, commented:

“We believe that both of these comparisons are still relevant and provide insights into how the Bitcoin price might develop.” 

However, Standard Chartered has kept its Ethereum price target unchanged, now projecting that the cryptocurrency will hit $8,000 in 2024 instead of 2026. Ethereum’s current price stands at $3,497.

The optimistic projection for ETH’s price is grounded in Standard Chartered’s analysis of the Ethereum Dencun upgrade and the anticipated approval of a spot Ethereum ETF. The bank expects that the U.S. SEC will greenlight a spot Ethereum ETF in May, potentially leading to an influx of $15-45 billion in the first year.