"Previously BTC was predicted to reach $100K by the end of 2024, now what is Standard Chartered predicting?"
Once again raising its year-end forecast, Standard Chartered expects the price of cryptocurrency king Bitcoin (BTC) to reach $150,000 by the end of 2024 and then peak at $250,000 next year.
Standard Chartered believes that the gold analogy in terms of ETF impact and the optimal portfolio mix remains a good starting point for estimating the level of BTC prices it will do in the medium term.
If ETF inflows reach the estimated $75 billion or reserve managers buy BTC, there is a good chance BTC price will cross $250,000 at some stage in 2025, further comments.
He added that the Securities and Exchange Commission (SEC) may approve the Ethereum (ETH) ETF on May 23 and this could lead to an inflow of $45 billion in the first 12 months while the price could reach $8,000 by the end of 2024.
It should be noted that crypto analysis firm 10X Research believes that BTC prices could see further declines following the spot BTC ETF in the US recording record inflows last week, but weaker demand the following day could be the cause of the problem.
There is no denying that BTC is now still maintaining its position above the $67,000 level, however the real test will occur on Monday and Tuesday where the BTC correction has the potential to continue if ETF inflows disappoint.
Even so, BTC could rise slowly in the coming months as the bull market may continue and it is not yet over, said Markus Thielen who is the founder of 10X Research.
As of this writing, BTC price has plunged by 0.22% to $67,094 in the past 24 hours with a market capitalization of over $1 trillion and has recorded a 6.86% decline over the past week.
