The post Standard Chartered Predicts Bitcoin Will Rise Over 200% To $250,000, Here’s The Timeline appeared on BitcoinEthereumNews.com.

Bitcoin might be experiencing tumultuous price action, but its fundamentals remain strong. Despite the risk of price falling in the short term, Standard Chartered, the global banking giant, has some bullish predictions for BTC. According to the bank’s emailed investment note, the world’s leading cryptocurrency could skyrocket to an eye-watering $150,000 by the end of 2024. Furthermore, their long-term forecast is that Bitcoin could peak at $250,000 in 2025. Standard Chartered Predicts Massive Bitcoin Price Surge The first half of 2024 is almost over and Bitcoin’s current price action has derailed more than many expected. However, analysts at Standard Chartered remain bullish and have revised their price target of $100,000 by the end of 2024. Now, the bank believes the price of Bitcoin can still increase by over 130% in the second half of 2024 and reach a peak of $150,000 by the end of the year. Standard Chartered’s analysis is based on the success of gold exchange-traded funds (ETFs) in the US and the surge in the price of gold in the months after their introduction.  “We think the gold analogy—in terms of both ETF impact and the optimal portfolio mix—remains a good starting point for estimating the ‘correct’ BTC price level medium-term,” the bank noted. Many analysts and industry players have always compared BTC to gold. Thanks to its provable scarcity, limited supply of 21 million BTC, and status as a non-sovereign store of value, Bitcoin is increasingly viewed as “digital gold” by investors. Just like physical gold has been a hedge against inflation and economic turmoil for centuries, Bitcoin is credited with playing a similar role in the digital age. Furthermore, Standard Chartered believes that the price of BTC will continue to increase and reach a high of $250,000 in 2025 before settling around $200,000. This will…

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Filed under: News - @ June 24, 2024 9:26 pm