Standard Chartered is a major global bank that has raised its forecasted bitcoin price for 2024. It was previously set at $100,000.
Standard Chartered analysts cite strong inflows to recently launched U.S. spot bitcoin ETFs as a main driver of their bullish forecast in a recent report. These are the bank’s beliefs “sticky” Bitcoin’s value will continue to rise due to institutional demand.
Standard Chartered emerged as being one of those legacy banks that are more Bitcoin friendly, and has a dedicated research team. The bank’s analysts predicted that Bitcoin would hit $100,000 by 2024.
Bitcoin is expected to reach $150,000 in 2024. next nine months.
Standard Chartered Bank analyst Geoffrey Kendrick led the team. “For 2024, given the sharper-than-expected price gains year-to-date, we now see potential for the price to reach the $150,000 level by year-end, up from our previous estimate of $100,000.”
Bitcoin could trade as high as $250,000. next Before settling on around $250,000, it takes a year.
This updated prediction is in response to the approval of spot bitcoin ETFs by the US government earlier this year. Standard Chartered says these regulated investments vehicles will bring significant institutional demand.
Standard Chartered expects new highs based on the increasing mainstream adoption of Bitcoin and its fixed supply. Standard Chartered is expecting new highs based on the increasing adoption of Bitcoin by mainstream users.
They have made a bold statement that shows a rising willingness to act among the major financial Institutions should make bold predictions about bitcoin prices. The climb from $68,000 to $150,000 represents a 120% increase. Standard Chartered’s view of bitcoin is that it has become a mainstream currency. “digital gold” The strength of the company continues to increase.
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Source: bitcoinmagazine.com