Global financial giant Standard Chartered raised its Bitcoin price forecast for the end of 2024 to $150,000. This is a significant increase from the previous forecast of $100,000.
In a new report, analysts at Standard Chartered cited strong inflows into the recently launched spot Bitcoin ETF in the US as a key driver of their bullish outlook. The bank believes these “sticky” institutional flows will continue to push Bitcoin prices higher.
Standard Chartered has emerged as one of the Bitcoin-friendly legacy banks with an active research team covering Bitcoin. Previously, analysts at the bank predicted that Bitcoin would reach $100,000 by the end of 2024.
However, due to Bitcoin’s strong performance in early 2024, the team now predicts that Bitcoin will reach $150,000 within the next nine months.
Standard Chartered Bank analysts led by Geoffrey Kendrick wrote: “Estimated $1 million.”
They expect this rally to continue into 2025, with Bitcoin likely to trade around $200,000 after trading as high as $250,000 next year.
The updated price prediction comes as a spot Bitcoin ETF was approved in the United States earlier this year. Standard Chartered believes that these regulated investment vehicles are driving significant institutional demand.
Combined with Bitcoin’s fixed supply and other positive fundamentals, the bank sees significant additional upside. As mainstream adoption increases, Standard Chartered is expecting new highs.
Their bold request demonstrates the growing willingness of major financial institutions to make ambitious Bitcoin price predictions. If achieved, a rise to $150,000 would represent a 120% profit from current levels near $68,000. For Standard Chartered, Bitcoin’s status as “digital gold” continues to strengthen.