O Standard Chartered (STAN) increased its forecast for the price of Bitcoin (BTCUSD) in 2024. This is because it is now estimating that the main cryptocurrency could reach US$150 thousand by the end of the year, according to information shared with the CoinDesk. Furthermore, the bank projects a peak in US$250 thousand in 2025, before stabilizing around US$200,000 in the long term.
This Standard Chartered analysis is based on a comparison with the behavior of the gold price. In fact, after the introduction of exchange-traded funds (ETFs) gold in the United States. A correlation is observed between ETF inflows and the price of BTC. Furthermore, the bank believes that the recent approval of spot Bitcoin ETFs in the US could have a similar effect.
“We believe the gold analogy – in terms of ETF impact and optimal portfolio composition – remains a good starting point for estimating the ‘correct’ BTC price level over the medium term.”the bank said in a statement.
Standard Chartered: Bitcoin and ETF on the rise
It is estimated that the flows of Bitcoin ETF can achieve US$75 billion until the end of the year, further boosting the price of the cryptocurrency. Furthermore, Standard Chartered believes that the entry of BTC reserve managers could also contribute to the price increase.
The bank also predicts an optimistic scenario for the Ethereum (ETHUSD). He suggests that the US Securities and Exchange Commission (SEC) may approve an ETH ETF on May 23. As a result of this action, it could result in inflows of up to US$45 billion in the first 12 months. As a result, the bank projects that the price of ETH can achieve $8,000 by the end of 2024 and $14,000 in 2025.
Source: Atrevida
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
