- Standard Chartered relies on the uptake of Bitcoin ETFs on the predictions.
- The bank expects the SEC to approve Ether ETFs on May 23.
Banking giant Standard Chartered has predicted that Bitcoin price could rise to $150,000 by the end of the year. The forecast is an upgrade from the previous $100,000 the analysts predicted.
The bank analysts based their predictions on ETF approvals, comparing Bitcoin to gold prices when the first gold exchange-traded funds debuted in the US. In an emailed statement to investors, the strategists said:
“We think the gold analogy – in terms of both ETF impact and the optimal portfolio mix – remains a good starting point for estimating the ‘correct’ BTC price level medium-term.”
Standard Chartered said that if ETF inflows reach the bank’s mid-point estimate of $75 billion and reserves managers accumulate Bitcoin, it will give a good chance for the price to overshoot next year. Should it happen, the analysts are optimistic the BTC price will climb to $250,000 in 2025 before cooling to around $200,000.
See Related: Standard Chartered Joins e-CNY Pilot Tests, To Offer Digital Yuan Exchange Services
Standard Chartered Insights About The Spot Ether ETFs
Standard Chartered also shared insights about the spot Ether ETFs and is optimistic that the SEC will approve the products on May 23. The analysts expect the approvals to attract up to $45 billion in inflows within the first 12 months. This would unlock Ether’s price to $8,000 by the end of 2024, the bank says. The analysts added:
In 2025, we see the ETH-to-BTC price ratio rising back to the 7% level that prevailed for much of 2021-22.”
With a projected BTC price of $200,000 at the end of 2025, Standard Chartered says the ETH price could climb to $14,000. At the time of this publication, Bitcoin was exchanging hands at $67,000 and Ether at $3,400. Both assets had cooled off from their previous strengths.
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