Global banking giant Standard Chartered has upped its bitcoin price prediction 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 cited strong inflows into recently launched spot bitcoin ETFs in the U.S. as a primary driver of their bullish outlook. The bank believes these "sticky" institutional flows will continue propelling Bitcoin's price.
Standard Chartered has emerged as one of the more Bitcoin-friendly legacy banks, with an active research team covering Bitcoin. Previously, the bank's analysts had predicted Bitcoin would reach $100,000 by the end of 2024.
But with Bitcoin's strong performance in early 2024, the team is now forecasting that it will hit $150,000 within the next nine months.
Standard Chartered Bank analysts led by Geoffrey Kendrick wrote: "For 2024, given the sharper-than-expected price gains year-to-date, we now see potential for the price to reach the $150,000 level by year-end, up from our previous estimate of $100,000."
They expect the rally to continue into 2025, with Bitcoin potentially trading as high as $250,000 next year before settling around $200,000.
The updated price prediction comes as spot bitcoin ETFs got approved in the US earlier this year. Standard Chartered believes these regulated investment vehicles are bringing significant institutional demand.
Combined with Bitcoin's fixed supply and other positive fundamentals, the bank sees room for substantial additional upside. Based on increasing mainstream adoption, Standard Chartered expects new highs.
Their bold call illustrates a growing willingness among major financial institutions to make ambitious bitcoin price forecasts. If achieved, a climb to $150,000 would mark a 120% gain from current levels near $68,000. For Standard Chartered, bitcoin's status as "digital gold" continues to strengthen.
Source: Bitcoin Magazine - Bitcoin News, Articles and Expert Insights