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Standard Chartered Raises Year-End BTC Forecast to $150K, Sees 2025 High of $250K
The bank also predicted that approval of an ether ETF could be expected on May 23, leading to as much as $45 billion of inflows in the first 12 months and ETH climbing to $8,000 by the end of 2024.
Updated Mar 18, 2024, 8:34 p.m. Published Mar 18, 2024, 10:48 a.m.
- Standard Chartered increased its year-end bitcoin price forecast by 50% to $150,000.
- The bank also predicted BTC will reach a high for the cycle of $250,000 during 2025 before settling around $200,000.
- The ether price could climb to $8,000 by year-end if a spot exchange-traded fund is approved in the U.S.
Standard Chartered (STAN) raised its year-end forecast for bitcoin's price to $150,000 from $100,000.
The bank also predicted BTC will reach a high for the cycle of $250,000 next year before settling around $200,000, according to an emailed investment note on Monday.
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Standard Chartered based its analysis on a comparison with the price of gold after gold exchange-traded funds (ETFs) were introduced in the U.S. and a correlation between ETF inflows and the BTC price. Spot bitcoin ETFs started trading in the U.S. in January.
"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 note said.
"If ETF inflows reach our mid-point estimate of $75billlion, and/or if reserve managers buy BTC, we see a good chance of an overshoot to the $250,000 level at some stage in 2025."
Standard Chartered also said the Securities and Exchange Commission could approve an ether ETF on May 23, leading to inflows of as much as $45 billion in the first 12 months and ETH reaching around $8,000 by the end of 2024. It was recently trading around $3,570.
"In 2025, we see the ETH-to-BTC price ratio rising back to the 7% level that prevailed for much of 2021-22," Standard Chartered said in a separate note. "Given our estimated BTC price level of USD 200,000 at end-2025, that would imply an ETH price of $14,000."
Read More: Ether ETFs Could Be Bigger Than Bitcoin ETFs, Says VanEck
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