Standard Chartered Forecasts Bitcoin and Ethereum Price for 2024-25
Standard Chartered, a global banking giant, has revised its price forecasts for Bitcoin and Ethereum, reflecting the dynamic nature of the crypto market. The bank now predicts that Bitcoin’s price will reach $150,000 by the end of 2024 and a staggering $250,000 by 2025. This optimistic view comes after Bitcoin broke its previous all-time high, surpassing $73,000 last week.
The revised forecasts are based on Standard Chartered’s comparison of Bitcoin exchange-traded funds (ETFs) to gold ETFs. The bank notes the significant influx of funds into the market through these ETFs and portfolio adjustments, which have contributed to the positive outlook for Bitcoin’s price. Geoff Kendrick, Standard Chartered’s digital assets head, highlights the importance of these comparisons in understanding the potential trajectory of Bitcoin’s price.
While Standard Chartered is bullish on Bitcoin, it has maintained its year-end target for Ethereum at $8,000 in 2024. However, this prediction is contingent on the approval of spot Ether ETFs by the U.S. Securities and Exchange Commission (SEC). With Ethereum currently trading at $3,568, there is potential for growth, especially considering upcoming developments such as the Ethereum Dencon upgrade in March 2024 and the potential approval of a spot Ethereum ETF by the SEC. These events could attract significant investment into Ethereum, similar to the influx seen with Bitcoin ETFs.
Looking ahead to 2025, Standard Chartered predicts a resurgence in the ETH-to-BTC price ratio, aiming for an Ethereum price of $14,000. The bank’s forecast reflects its confidence in Ethereum’s long-term growth prospects, supported by developments in its ecosystem and the coin’s potential capabilities.
However, not everyone shares this bullish outlook. Binance CEO, Richard Teng, predicts that Bitcoin will reach $80,000 by year-end, falling short of Standard Chartered’s projections. Teng believes that supply dynamics and sustained demand will drive growth, but perhaps not to the extent forecasted by others.
With major players like Standard Chartered adjusting their forecasts, investors have a prime opportunity to capitalize on the potential of cryptocurrencies. The rise of Bitcoin ETFs and regulatory progress in the crypto world indicate a thriving market that is attracting both traditional and crypto-savvy investors.