Prices could reach $250,000 at some point in 2025 if strong new inflows from on-market Bitcoin ETFs continue and/or foreign exchange reserve managers start buying Bitcoin this year , the bank said.
Standard Chartered Bank has increased its Bitcoin price target to $150,000 from a previous estimate of $100,000.
This new target comes from the continuation of strong inflows into the newly launched Bitcoin spot market exchange-traded funds in the United States and, as a result, Bitcoin's positive price action, among other factors. “For 2024, with stronger price increases expected to date, we now think there is potential for prices to reach $150,000 by the end of the year, up from our previous estimate of $100,000,” the Standard Chartered Bank analysts led by Geoffrey Kendrick wrote in a report on Monday.
The price of Bitcoin is currently trading at around $68,000. It surpassed $73,000 earlier this month.
For the end of 2025, Standard Chartered Bank continues to maintain its Bitcoin price target of $200,000.
Analysts say this target is “right” based on gold analysis. Specifically, this target is based on gold price movements after the introduction of US gold ETFs and the optimization of gold against Bitcoin, which implies 80% gold and 20% Bitcoin in the portfolio, the said the analyst. “Assuming gold prices stay the same, BTC prices need to rise to $190,000 for BTC shares to increase by 20% as indicated by our portfolio optimization,” the analysts noted.
However, if new inflows from spot market Bitcoin ETFs reach the bank's estimated midpoint of $75 billion and/or if foreign exchange reserve managers start buying Bitcoin, the bank sees the possibility strongly surpass this target — with prices likely to reach $250,000 at some point in 2025.
The article Standard Chartered Raises Bitcoin Price Target to $150,000 By Year End appeared first on Coin79 - Update Coin news and Crypto investment knowledge .
