Standard Chartered Forecasts Bitcoin to Surge to $150k by the Close of 2024
Standard Chartered Bank has revised its prediction for the price of Bitcoin, forecasting a significant surge in value up to $150,000 by the end of 2024. This upward revision comes after a period of unexpectedly sharp price gains for Bitcoin. The bank is even more optimistic about the following year, projecting a price of $250,000 for Bitcoin in 2025. The optimism is based on the expected impact of ongoing inflows from Bitcoin ETFs and the upcoming Bitcoin halving event, which are both expected to boost the value of the asset.
Geoffrey Kendrick, a leading analyst at Standard Chartered, compares Bitcoin to gold and suggests that Bitcoin’s trajectory is similar to that of gold following the approval of gold ETFs in the United States. Based on this analogy, the bank predicts a potential price increase for Bitcoin that aligns with portfolio optimization strategies.
To achieve the optimal balance in a portfolio, Kendrick proposes allocating 80% to gold and 20% to Bitcoin. He argues that this balance requires a Bitcoin price increase to $190,000 in order to maintain the desired allocation.
Kendrick also predicts that the Securities and Exchange Commission (SEC) will approve Ethereum ETFs in the United States by May 23, following a similar approach to the approval of Bitcoin ETFs on January 11.
