Global banking giant Standard Chartered has raised its Bitcoin price forecast for the end of 2024 to $150,000, a significant increase from its previous forecast of $100,000.
In a new report, Standard Chartered analysts point to strong inflows into spot bitcoin ETFs recently launched in the US as a key driver of their bullish outlook. The bank believes that these “sticky” institutional flows will continue to drive the price of Bitcoin.
Standard Chartered Bank has emerged as one of the most Bitcoin-friendly legacy banks, with an active research team covering Bitcoin. Previously, the bank's analysts predicted that Bitcoin would reach $100,000 by the end of 2024.
But with Bitcoin's strong performance in early 2024, the team now expects its price to reach $150,000 within the next nine months.
“For 2024, given the steeper-than-expected year-to-date price gains, we now see the potential for the price to reach the $150,000 level by the end of the year, up from our previous forecast,” Standard Chartered analysts led by Jeffrey Kendrick wrote. “
They expect the rise to continue until 2025, with Bitcoin potentially trading at up to $250,000 next year before stabilizing at around $200,000.
The updated price prediction comes with the approval of spot bitcoin ETFs in the US earlier this year. Standard Chartered believes that these regulated investment vehicles bring significant institutional demand.
Combined with the steady supply of Bitcoin and other positive fundamentals, the bank sees room for significant additional upside. Based on increased mainstream adoption, Standard Chartered expects new highs.
Their bold call demonstrates the growing desire among major financial institutions to set ambitious Bitcoin price forecasts. If achieved, a rise to $150,000 would represent a 120% increase from current levels near $68,000. For Standard Chartered, Bitcoin's status as 'digital gold' continues to strengthen.
