As the cryptocurrency market continues to develop and mature, major financial institutions and industry leaders are providing insights and predictions about the future of Bitcoin and Ethereum.
TLDR
- Standard Chartered has raised its year-end Bitcoin price forecast to $150,000 and predicts BTC will reach a high of $250,000 in 2025.
- The bank also predicts that ETH could reach around $8,000 by the end of 2024 if a spot ETH ETF is approved in the US.
- Binance CEO Richard Teng expects Bitcoin to surpass $80,000 by the end of the year due to institutional adoption and declining supply.
- Crypto analyst Rekt Capital warns that Bitcoin could enter the “danger zone” in the next two days based on historical halving trends.
- Bitcoin has recently fallen to $68,533 after hitting record highs, raising concerns among investors and analysts.
Standard Chartered, a multinational banking and financial services company, recently raised its year-end Bitcoin price forecast to $150,000, significantly higher than its previous estimate of $100,000.
The bank’s analysts also predicted that Bitcoin could reach a circulating high of $250,000 during 2025 and then reach around $200,000.
This bullish outlook is based on comparisons with gold prices following the introduction of gold exchange-traded funds (ETFs) in the U.S. and the correlation between ETF inflows and BTC prices.
In addition to its bullish Bitcoin outlook, Standard Chartered believes that the Securities and Exchange Commission’s approval of an Ethereum ETF on May 23 could attract up to $45 billion in inflows in the first 12 months and push the price of ETH to around $8,000 eventually. . 2024.
Richard Teng, the new CEO of Binance, the world’s largest cryptocurrency exchange, also shares a positive outlook on Bitcoin.
Teng expects the cryptocurrency to surpass $80,000 by the end of the year due to increasing institutional adoption and decreasing supply.
He expects family offices and endowment funds to increase their investments in Bitcoin ETFs in the near future.
However, not all experts are entirely optimistic about Bitcoin’s near-term prospects.
Cryptocurrency analyst Rekt Capital has warned that Bitcoin could be on the verge of entering the “danger zone” in the next two days, based on historical halving trends.
In two days, Bitcoin will officially enter the “danger zone” (orange), where a historic pre-halving retracement has begun.
Historically, Bitcoin has performed pre-halving retracements 14 to 28 days prior to a halving.
In 2020, this retracement depth was -20%.
In 2016, this retracement was -40%… pic.twitter.com/rnKjznsGHk
— Rekt Capital (@rektcapital) March 17, 2024
The analyst notes that Bitcoin often experiences significant retracements approximately 14 to 28 days before each halving event.
With only 32 days left until the much-anticipated Bitcoin halving, markets have already seen some volatility.
Bitcoin recently fell to $68,533 after hitting an all-time high, sparking concern among investors and analysts.
This is shaping up to be a very important day for Bitcoin and the broader cryptocurrency market as participants closely monitor whether the cryptocurrency is following historical patterns or taking a new path.
