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Standard Chartered Bank has revised its Bitcoin price forecast, now predicting a leap to $150,000 by the end of this year. This adjustment comes after witnessing a significant uptick in spot Bitcoin ETF inflows and a robust performance in the cryptocurrency’s price action.
Analysts, led by Geoffrey Kendrick, have cited these inflows as key drivers behind the revised target, moving up from an earlier estimate of $100,000.
Sustainable Growth Anticipated for Bitcoin
The bank’s report highlights a shift in market dynamics, with spot Bitcoin ETF inflows outstripping the growth of derivatives’ open interest. This pattern suggests a more sustainable position for Bitcoin’s market, supported by “sticky pension-type flows.” Currently trading around $67,000, Bitcoin had surged past $73,000 earlier in the month, reflecting the market’s bullish sentiment.
Looking towards 2025, Standard Chartered maintains a $200,000 target for Bitcoin, underpinned by comparing gold’s market movements post-ETF introductions. Moreover, should forex reserve managers begin purchasing Bitcoin this year, the price could soar to $250,000, marking a significant milestone for the cryptocurrency.
This potential influx from reserve managers, alongside the steady stream of U.S. pension funds, underscores a growing confidence in Bitcoin’s market stability and its appeal as a major asset class.
Also Read: Bitcoin Price Surges Again to $68,500 Driven by Memecoins
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