The most optimistic bank ? Standard Chartered has just revised its forecast for the Bitcoin (BTC) price upwards. According to Standard Chartered, the cryptocurrency could reach $150,000 as early as 2024. What does it predict for BTC and ETH ?

Bitcoin: Standard Chartered revises its forecasts upwards

Standard Chartered regularly revises its price estimates for the world’s largest cryptocurrency. And while Bitcoin (BTC) recently surpassed its all-time high, the bank is particularly optimistic. It now estimates that BTC could reach $150,000 this year, and $250,000 by 2025.

“If ETFs reach our mid-year estimate of $75 billion, and/or if reserve managers buy BTC, we see a good chance of an overshoot to the $250,000s by 2025.”

According to analyst Geoff Kendricks, Bitcoin’s price breakthrough has been faster and sharper than expected. Last week, the world’s largest cryptocurrency topped the $73,700 mark for the first time in its history. As a result, he believes that the symbolic $100,000 threshold could be reached sooner than expected.

Optimism on Ethereum and ETH ETFs

Standard Chartered is also optimistic about ETH. The much-anticipated Ethereum ETFs could be approved as early as May, according to the bank. Should the SEC give the green light, Geoff Kendricks estimates that up to $45 billion could flow into this new ETF category.

If so, ETH’s share price could leap to $8,000 within 12 months of approval… or even higher, if it accompanies BTC’s breakthrough :

“Given our estimate of a BTC price level of $200,000 by the end of 2025, this would imply an ETH price of $14,000.”

 

So, according to the bank, the signs are green. However, much will depend on the performance of ETFs: both those already in existence and those in the pipeline.

Source : Milk Road

David Crypto