In a revised forecast from the bank, Standard Chartered has predicted that Bitcoin (BTC) will hit $150,000 in 2024. Indeed, the bank has increased the projection from its previous $100,000 mark that was at the end of last year. Moreover, the bank has made optimistic projections for a year later as well if Spot Bitcoin ETF inflows remain strong.
Specifically, the bank said that the price of BTC is likely to reach $200,000 in 2025. They noted that the asset has faced “sharper-than-expected price gains,” on the year. Furthermore, the impending Bitcoin Halving event should also have a positive impact on the asset’s price.
Also Read: Bitcoin Surpasses Gold in Investor Portfolio Allocation: JPMorgan
Standard Chartered Forecasts $150,000 Bitcoin By The End of the Year
Despite a price correction that has taken place over the last several days, 2024 has been the year for Bitcoin. Building on the anticipation of 11 approved Spot Bitcoin ETFs, the asset set an all-time high this year. Indeed, it is priced as high as $73,000 with many expecting an increase to still be in-store.
Among those projecting greater gains is Standard Chartered Bank, which has increased its prediction for Bitcoin (BTC) to reach $150,000 by the end of 2024. That is a notable jump from the $100,000 forecast the bank issued in November of last year. Subsequently, the bank expects the value to increase an entire year later.
Also Read: Bitcoin Halving 2024: Expert Predictions Point to $150,000 Surge
Standard Chartered analysts, led by Geoffrey Kendrick, noted the updated forecast in an investor note that was issued via email on Monday. There, they stated that 2025 holds the potential for BTC to reach as high as $250,000. Specifically, noting that it is likely to breach the $200,000 mark at least throughout the year.
The analyst roots the prediction in a gold analogy. Specifically, they note that the target price is “correct” based on how the gold price moved after the US approved gold ETFs, and the portfolio optimization necessary when weighting gold vs. bitcoin.
The analyst projected that discrepancy requirement to be 80% gold, and 20% Bitcoin. “Assuming the gold price stays unchanged, the BTC price would need to increase to $190,000 for BTC’s share to rise to the 20% indicated by our portfolio optimization,” the analyst stated.