Standard Chartered Bullish on Bitcoin, Raises Price Forecast to $150,000

Published: Mar 18, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

In a recent investment note, Standard Chartered Bank significantly increased its year-end price forecast for Bitcoin (BTC) from $100,000 to $150,000.

The bank’s analysts, under the direction of Geoffrey Kendrick, have also forecast that BTC could reach a cyclical high of $250,000 in 2025 before falling to around $200,000.

Key highlights:

  • Standard Chartered Bank raises its year-end Bitcoin price forecast to $150,000.
  • Analysts predict the possibility of BTC hitting $250,000 in 2025.
  • The bank’s analysis is based on a comparison with gold prices after the introduction of gold ETFs in the U.S.
  • Analysts expect Ethereum to reach $8,000 by the end of 2024 if the SEC approves an ETH ETF.

The bank’s bullish outlook is based on a comprehensive analysis that draws parallels between the introduction of gold exchange-traded funds (ETFs) in the United States and the recent launch of spot Bitcoin ETFs.

Read more: Odds Of Spot Ethereum ETF Approval Plunge To 23%

Researchers noted a relationship between the amount of money entering exchange-traded funds (ETFs) and the price of Bitcoin (BTC). They suggested that the increased institutional investment through these vehicles could drive the cryptocurrency’s value to new heights.

Standard Chartered Analysts also predict Bitcoin to hit $250,000

“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 investment note stated.

The analysts further added that if ETF inflows reach their mid-point estimate of $75 billion, or if reserve managers begin to invest in BTC, there is a good chance of an overshoot to $250,000 at some point in 2025.

In addition to their Bitcoin price forecast, Standard Chartered Bank also shared their expectations for Ethereum. The analysts believe that the Securities and Exchange Commission (SEC) could approve an ETH ETF as early as May 23, which could lead to inflows of up to $45 billion in the first 12 months.

Read more: FTX’s Sam Bankman-Fried Should Face 40–50 Years In Prison: Prosecutors

As a result, they predict that ETH could reach around $8,000 by the end of 2024. The bank’s analysts also expect the ETH-to-BTC price ratio to rise back to the 7% level that prevailed for much of 2021-22.

Given our estimated BTC price level of USD 200,000 at end-2025, that would imply an ETH price of $14,000,” they noted in a separate report.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.