Global banking giant Standard Chartered has raised its bitcoin price prediction for the end of 2024 to $150,000, a significant increase from its previous forecast of $100,000.
In a new report, analysts at Standard Chartered cited strong inflows into recently launched spot bitcoin ETFs in the US as the main driver of their bullish outlook. The bank believes that these “sticky” institutional flows will continue to drive the price of bitcoin.
Standard Chartered has become one of the most bitcoin-friendly traditional banks, with an active research team covering bitcoin. Previously, the bank's analysts had predicted that bitcoin would reach $100,000 by the end of 2024.
But with bitcoin's strong performance in early 2024, the team now predicts it will reach $150,000 in the next nine months.
Standard Chartered Bank analysts led by Geoffrey Kendrick wrote: “For 2024, given the steeper-than-expected price gains so far this year, we now see potential for the price to reach the $150,000 level by the end of the year.” , up from our previous estimate of $100,000.”
They expect the rally to continue through 2025, with bitcoin potentially trading at $250,000 next year before settling at around $200,000.
The updated price prediction comes as spot bitcoin ETFs were approved in the US earlier this year. Standard Chartered believes that these regulated investment vehicles are generating significant institutional demand.
Combined with bitcoin's fixed supply and other positive fundamentals, the bank sees room for substantial further upside. Based on increasing mainstream adoption, Standard Chartered expects new highs.
His bold call illustrates a growing willingness among major financial institutions to make ambitious forecasts about the price of bitcoin. If achieved, a rise to $150,000 would mark a 120% gain from current levels near $68,000. For Standard Chartered, bitcoin's status as “digital gold” continues to strengthen.
