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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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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. <\/p>\n
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.”<\/p>\n
They expect the rally to continue into 2025, with Bitcoin potentially trading as high as $250,000 next year before settling around $200,000.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n