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Global financial powerhouse Standard Chartered has updated its projection for Bitcoin’s value, now anticipating that the leading digital asset could reach $150,000 by the end of the year, attributing this to favorable market dynamics.
Earlier this year, the bank’s head of crypto research, Geoffrey Kendrick, had forecasted that the BTC price would rise to $100,000 by year-end and $200,000 by 2025.
ETFs’ pivotal role
The current forecast from Standard Chartered draws parallels between the effects of gold exchange-traded funds (ETFs) introduced in the US on gold prices and a similar relationship between Bitcoin ETF inflows and BTC values.
The bank suggests that if ETF inflows reach approximately $75 billion or if reserve managers begin to accumulate BTC, there is a significant likelihood that the price of the leading digital asset could exceed the $250,000 threshold at some point in 2025.
Since their launch in January, spot BTC ETFs have experienced increased trading activity that has driven Bitcoin’s price to record levels. These new investment instruments have garnered over $12 billion in net inflows.
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Additionally, Standard Chartered anticipates that Ethereum could achieve values of up to $8,000 if the US Securities and Exchange Commission (SEC) approves spot Ether ETFs. The bank indicated that such approval could lead to inflows of as much as $45 billion within a year.
In recent weeks, there has been considerable speculation regarding the potential effects of an Ethereum ETF. However, the chances of approval by May appear slim, given the regulatory uncertainties surrounding ETH and the SEC’s lack of communication.
As of the time of this report, ETH was trading at $3,512, according to data from CryptoSlate.
Binance CEO shares optimism
In a similar vein, Binance’s new CEO, Richard Teng, reportedly maintains an optimistic outlook on the crypto market, forecasting that BTC’s price will exceed $80,000 by year-end.
Teng noted that the leading digital asset is experiencing rising demand due to Bitcoin ETFs, coupled with a declining supply base that the upcoming Halving event is expected to further influence.
The post Why Standard Chartered reviewed its Bitcoin price forecast to $150,000 appeared first on CryptoSlate.
