Bitcoin Price Prediction: Standard Chartered Bank Raises to $150,000 for 2024

In the broad field of Bitcoin (BTC) price predictions, Standard Chartered Bank is known to be optimistic. She has now raised her previous price target of $100,000 for the current year to $150,000. The success of Bitcoin ETFs provides the arguments.

Bitcoin (BTC) is currently unable to confirm last week’s all-time highs of over $70,000 and the price curve of the crypto reserve currency has fallen to around $64,000. This means that the rally, which has been fueled by the introduction of Bitcoin ETFs in the USA since January, has come to a (temporary) end.

However, the Bitcoin ETFs continue to record capital inflows almost every trading day and, according to observers , have not yet exhausted their potential. In this situation, a correction to the Bitcoin forecast by Standard Chartered Bank is making the rounds, which increases the price target for 2024 to $150,000.

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At the end of 2023, the Standard Chartered Bank’s analysts were among the most optimistic with their prediction of $100,000 per Bitcoin

Even then, the expected approval of ETFs was an important argument. Now Standard Chartered Bank is drawing parallels to gold ETFs and their market launch. It is becoming apparent that Bitcoin ETFs are also exceeding expectations in terms of capital inflow, it is said. This should make it possible for BTC to break the $150,000 mark by the turn of the year and for Bitcoin to even be within reach of $250,000 in 2025.

To assess: In order to make the forecasts reality, Bitcoin would have to double its all-time highs from last week in the coming months and from there increase by almost 100 percent again in 2025. On record days, the Bitcoin ETFs recorded capital inflows of around 1 billion US dollars with a BTC market capitalization of currently 1.25 trillion US dollars. So there is a lot of market psychology at play if the Bitcoin ETFs alone are supposed to ensure absolute highs in the BTC price curve.

Conclusion: Bitcoin prospects optimistic – but forecasts perhaps exaggerated

Many investors have already experienced the often violent wave movements of the Bitcoin price curve and the last few days have probably particularly surprised newcomers. It is clear that Bitcoin ETFs and thus Wall Street strategies must now be taken into account when making price forecasts.

But to expect the Bitcoin price to double in the medium term, as Standard Chartered Bank is doing, is like a hussar ride. The still young Bitcoin ETFs still have to prove that they can continue to find new investors and at the same time risks such as the economy and US politics cannot be ignored.

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