The cryptocurrency market continues its bullish progress. Although Bitcoin (BTC), the leading cryptocurrency, has experienced a tremor in recent days, the overall outlook has remained positive. After hitting $64,500 in a so-called correction, Bitcoin has set its sights on the top again.
Year-end price forecasts for BTC, which has reached an all-time high in recent weeks, continue to come in. Banking giant Standard Chartered updated its previous BTC price forecast. The company thinks that six-digit levels can be seen in 2024.
Standard Chartered made a move: Record forecast for Bitcoin
Standard Chartered, the banking giant whose name is widely heard in the crypto sector, had previously predicted a price of $ 100,000 for Bitcoin (BTC). The banking company updated its price target and raised it to $150,000. In addition, Standard Chartered thinks the target will come in 2024.
Standard Chartered cited the recently launched spot Bitcoin ETFs in the US as the reason for raising its price forecast. The banking giant noted that massive inflows of money into spot Bitcoin ETFs continue, resulting in a favorable pricing of BTC.
In a report published during the day, the banking giant's analysts wrote that the price will reach 150,000 by the end of the year.
Analysts led by Geoffrey Kendrick stated that spot Bitcoin ETFs have outpaced derivative Bitcoins. "This means that the overall positioning should be more sustainable this time as open interest measures approach stretched (2021) levels. Most of the inflows are likely to be pension-type flows."
On the other hand, the banking giant continues to maintain its forecast that Bitcoin will see $200,000 in 2025. According to Standard Chartered, Bitcoin will see $150,000 in 2024 and $200,000 in 2025.
Standard Chartered underlined that large reserve managers will also start buying spot Bitcoin ETFs.
