Standard Chartered Updates Bitcoin and Ethereum Price Forecasts
Financial institution Standard Chartered has recently revised its forecasts for the values of Bitcoin (BTC) and Ethereum (ETH) for both the current year and 2025.
According to the latest projections, Standard Chartered now envisions BTC reaching $150,000 by the end of this year, with a further surge to $250,000 expected by 2025. Additionally, the bank has set its sights on ETH potentially hitting $8,000 if the U.S. Securities and Exchange Commission (SEC) grants approval for a spot Ethereum exchange-traded fund (ETF).
The decision to update these predictions follows BTC’s recent achievement of a new all-time high. Standard Chartered decided to elevate its BTC price target from $100,000 to $150,000 by year-end. This decision is partly motivated by parallels drawn with gold, increased investments in spot Bitcoin ETFs, and strategic portfolio adjustments.
Furthermore, the bank has also raised its 2025 BTC target price from $200,000 to $250,000, primarily due to the growing interest observed in spot Bitcoin ETFs. Standard Chartered expresses strong confidence in its BTC price projections for 2024.
Geoff Kendrick, Head of Digital Assets at Standard Chartered, emphasizes the relevance of these comparisons in guiding future BTC price movements.
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Meanwhile, although Standard Chartered maintains its previous Ethereum price target, it suggests that ETH could potentially achieve $8,000 by 2024, ahead of the previously estimated timeframe of 2026. At present, ETH is trading at $3,568.
Standard Chartered attributes its bullish price target for ETH to factors such as upcoming updates and the anticipated approval of a spot Ethereum ETF by the U.S. SEC. The bank anticipates significant inflows ranging from $15 to $45 billion within the first year if the SEC greenlights the spot Ethereum ETF in May.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
