Standard Chartered has stepped up its bitcoin price prediction from $120k to $150k by this year-end. Here’s why!
The British multinational bank Standard Chartered has shared a new bitcoin price prediction. The latest projection pegs BTC at $150,000 by this year’s end. The latest projection is fueled by the increasing engagement with the spot Bitcoin exchange-traded fund (ETF) and the recent performance of the underlying digital asset.
❖ BITCOIN TO RALLY TO $150,000 THIS YEAR AND COULD TOUCH $250,000 IN 2025, STANDARD CHARTERED SAYS
— *Walter Bloomberg (@DeItaone) March 18, 2024
Bitcoin to Reach $150k
The multinational banking institution previously projected that BTC would hit a peak of $120,000 by this year’s end. In April 2023, Standard Chartered predicted that BTC would attain an all-time high of $100,000. Its latest prediction surpasses its past speculations.
The latest forecast comes amid rising engagement with the Bitcoin ETFs, a game-changer within the Bitcoin ecosystem. When Standard Chartered gave its previous speculations, the investment vehicle had not yet been endorsed. However, since its approval in the United States, the investment vehicle has soaked in billions of dollars from investors. On the other hand, financial organizations offering the products accrue actual bitcoins on clients’ behalf.
Standard Chartered also predicted that BTC will touch a trading price of $250,000 in 2025. These speculations demonstrate the company’s bullish stance regarding the leading cryptocurrency. The company joins a slew of entities that have speculated on Bitcoin’s price this year. Some analysts projected $160,000 as the next peak price for BTC before the year’s end. Another Bitcoin proponent forecasted BTC’s next peak as $250,000.
BTC At $67k
Bitcoin’s recent performance has also influenced Standard Chartered’s latest projection. For the first time since its creation, BTC attained several all-time highs weeks before the halving event. Last week, the asset saw a peak price of over $73,700.
A huge market correction has enveloped the Bitcoin chart, bringing its value to a current trading price of about $67,000, representing a mild 1.5% decline in the past 24 hours.
