Bitcoin Will Reach $150 Thousand in 2024, Ethereum Will Reach $8 Thousand — Standard Chartered
Financial giant Standard Chartered on Monday revised its price target for Bitcoin (BTC) and Ethereum (ETH) for this year and 2025.
Standard Chartered predicts that the BTC price will reach $150,000 by the end of the year and $250,000 in 2025. The bank also predicts that the ETH price will reach $8,000 if a spot Ether ETF is approved by the US SEC.
Standard Chartered Raises Bitcoin and Ethereum Price Targets
Standard Chartered raised its year-end Bitcoin price target from $100,000 to $150,000 after the BTC price reached an all-time high. The move comes in response to the gold analogy, massive inflows into the spot Bitcoin ETF, and portfolio optimization.
The bank also revised its 2025 target price from $200,000 to $250,000. Thus, the bank increased its year-end and 2025 target price by $50,000, mostly due to increased interest in spot Bitcoin ETFs. Standard Bank is more confident in its BTC price target for 2024.
“We believe both of these comparisons are still valid and provide insights into how the Bitcoin price may evolve,” says Geoff Kendrick, head of digital assets at Standard Chartered.
On the other hand, Standard Chartered maintained its Ethereum price target but believes the ETH price could reach $8,000 in 2024 instead of 2026. ETH price is currently trading at $3,568.
Standard Chartered cites the Ethereum Dencun upgrade and the expected spot Ethereum ETF approval as the key reasons behind its bullish price target for ETH price. The bank expects the US SEC to approve a spot Ethereum ETF in May that could bring $15-45 billion in inflows in the first 12 months.
Additionally, the London Stock Exchange (LSE) announced that it is accepting applications for BTC and ETH ETFs. So, “in 2025, we see the ETH-BTC price ratio rising to the 7% level that prevails for most of 2021-22,” which puts the ETH price target in 2025 at $14,000.
Also Read: Ethereum (ETH) Price Is Unlikely To Return Anytime Soon As Majority Owners Are Still In Profit
BTC Price Predictions
“Rich Dad Poor Dad” author Robert Kiyosaki set a new target of $300,000 for the Bitcoin price as the crypto asset reached an all-time high. Crypto experts from Wall Street and Standard Chartered, such as Fundstrat’s Tom Lee and Michael van de Poppe, predict that the BTC price could reach at least $100,000 in 2024.
William Quigley, co-founder of tether, predicted that the BTC price would reach 300 thousand dollars in his comment on CNBC.squealing in the street‘. Quigley revealed fundamental analysis of money flows into Bitcoin amid increasing institutional and retail investment in the crypto market.
BTC price is currently trading at $68,166 and the total BTC futures OI on exchanges has reached $34.65 billion. Bitcoin futures OI on CME reached $11.43 billion, up over 1.5% in the last 24 hours.
Also Read: MASK Price Rises 30% as mask network Launches Staking and Rewards
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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