The financial giant Standard Chartered on Monday revised its price target for Bitcoin (BTC) and Ethereum (ETH) for this year and 2025.

Standard Chartered now predicts BTC price hitting $150,000 by the year-end and $250,000 in 2025. Moreover, the bank also predicts ETH price to reach $8,000 if a spot Ether ETF is approved by the U.S. SEC.

Standard Chartered Raises Bitcoin and Ethereum Price Targets

Standard Chartered raised its year-end Bitcoin price target to $150,000 from $100,000 after BTC price hit a fresh all-time high. The move comes in response to gold analogy, massive inflows into spot Bitcoin ETF, and portfolio optimization.

The bank also revised its target price for 2025 from $200,000 to $250,000. Thus, the bank increased its year-end and 2025 target price by $50,000 mostly due to rising interest in spot Bitcoin ETFs. Standard Bank is more confident about its BTC price target for 2024.

“We believe that both of these comparisons are still relevant and provide insights into how the Bitcoin price might develop,” says Standard Chartered’s head of digital assets Geoff Kendrick.

On the other hand, Standard Chartered kept its Ethereum price target, but believes ETH price could hit $8,000 in 2024 instead of 2026. ETH price currently trades at $3,568.

Standard Chartered cites the Ethereum Dencun upgrade and expected spot Ethereum ETF approval as primary reasons behind the bullish price target for ETH price. The bank expects the U.S. SEC to approve a spot Ethereum ETF in May, which could bring $15-45 billion in inflows in the first 12 months.

Moreover, the London Stock Exchange (LSE) has announced accepting applications for BTC and ETH ETFs. Also, “In 2025, we see the ETH-to-BTC price ratio rising back to the 7% level that prevailed for much of 2021-22,” which gives ETH price target of $14,000 in 2025.

Also Read: Ethereum (ETH) Price Reversal Unlikely Soon As Majority Holders Still In Profit

BTC Price Predictions

“Rich Dad Poor Dad” author Robert Kiyosaki has a new target of $300,000 for Bitcoin price as the crypto asset hits an all-time high. Wall Street and crypto experts such as Standard Chartered, Fundstrat’s Tom Lee, and Michael van de Poppe have predicted that BTC price can at least hit $100K in 2024.

William Quigley, co-founder of Tether, predicted BTC price to hit $300K in a commentary on CNBC’s ‘Squawk on the Street’. Quigley explained the fundamental analysis of money flows into Bitcoin amid rising institutional and retail investment within the crypto market.

BTC price currently trades at $68,166 and total BTC futures OI across exchanges has hit a high of $34.65 billion. Bitcoin futures OI on CME is $11.43 billion, a rise of over 1.5% in the last 24 hours.

Also Read: MASK Price Skyrockets 30% As Mask Network Launches Staking and Rewards

The post Breaking: Bitcoin to Hit $150K, Ethereum $8K in 2024 – Standard Chartered appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am