British Multinational Bank Forecasts Bitcoin Surging to $150,000 by End of 2024

• Standard Chartered has raised its year-end projection for Bitcoin's price by 50%, now estimating it to reach $150,000
• The multinational bank anticipates that BTC will peak at $250,000 in 2025 before stabilizing at around $200,000
• Should a spot exchange-traded fund gain approval, ether price could potentially surge to $8,000 by the end of the year

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

Standard Chartered Plc has revised its year-end projection for the price of bitcoin (BTC) upward to $150,000, up from the previous estimate of $100,000.

The bank anticipates that BTC will surge to a peak of $250,000 in the coming year before stabilizing around $200,000.

This rise comes after a turbulent period in April 2022 when the digital currency plummeted to as low as $19,297 from its previous peak of $68,990 in November 2021.

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According to CoinDesk, the information was disclosed in an investment note sent via email on Monday, March 18.

Standard Chartered gives Bitcoin prediction

Standard Chartered's analysis is grounded in a comparative study of the price behaviour of gold subsequent to the introduction of gold exchange-traded funds (ETFs) in the United States.

It also takes into account a correlation observed between ETF inflows and the price of BTC.

Notably, spot Bitcoin ETFs commenced trading in the US in January.

Standard Chartered 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."

"If ETF inflows reach our mid-point estimate of $75billlion, and/or if reserve managers buy BTC, we see a good chance of an overshoot to the $250,000 level at some stage in 2025."

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According to Standard Chartered, there's a possibility that the US Securities and Exchange Commission might approve an ether (ETH) exchange-traded fund (ETF) by May 23.

This approval could result in significant inflows, potentially reaching up to $45 billion within the initial 12 months.

Rise in Ethereum

Standard Chartered further suggests that with such developments, the price of ETH could climb to approximately $8,000 by the conclusion of 2024.

As of now, ETH is trading at approximately $3,570. Notably, Ethereum had reached a peak of $4,000 on March 11 but has since dipped and is currently hovering around $3,233, according to data from Coinmarketcap.

Following the approval of spot Bitcoin exchange-traded funds (ETFs) in the US, the values of digital assets have experienced consistent upward momentum.

On March 14, Bitcoin, which stands as the leading cryptocurrency by market capitalization globally, surpassed $73,000, marking its highest valuation to date. Presently, the price of Bitcoin exceeds $62,000.

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Reacting to Standard Chartered's prediction, Tunji Akinloye, a crypto expert told Legit.ng that the forecast might be a reach.

He said:

"Of course, as a Bitcoin holder, I would hope for the prediction to be correct, but to be honest, I think the expectation is too much. Bitcoin only recently started picking up momentum after being down for almost two years.

"I would not advise any investor to over-invest, but to keep watching the market. However, historically, we have seen how digital assets can surprise us with downward and upward movements."

Nigeria becomes third top Bitcoin trading nation

Meanwhile, Legit.ng reported that Brazil has displaced Nigeria in Bitcoin trading, with the current top position occupied by El Salvador and Nigeria trailing in the third place.

Interest in the world's largest cryptocurrency is increasing in Brazil and has been boosted by the country's largest bank, Itau Unibanco's foray into the cryptocurrency market.

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The bank initially offered crypto trading services in Bitcoin and Ethereum, but its expansion into the digital asset ecosystem is based on recent happenings in crypto regulation in Brazil.

The country's president, Luiz Inacio Lula da Silva, recently signed a law taxing crypto assets held by Brazilians abroad.

Source: Legit.ng