Standard Chartered Bank has updated its Bitcoin price forecast, now predicting a surge in value up to $150,000 by the end of 2024. This revision comes after the bank previously forecasted a milestone of $120,000, attributing the change to “sharper-than-expected price gains” for Bitcoin (BTC).

The bank is optimistic about even more significant gains in 2025, with a projected price of $250,000 for Bitcoin. This positive outlook is based on the expected impact of ongoing spot Bitcoin ETF inflows and the upcoming Bitcoin halving event, which are anticipated to boost the asset’s value.

Geoffrey Kendrick, a key analyst at Standard Chartered, likens Bitcoin to gold and suggests that Bitcoin’s trajectory resembles that of gold following the approval of gold ETFs in the United States. Drawing from this analogy, the bank anticipates a potential price increase for Bitcoin, aligning with portfolio optimization strategies.

To achieve an optimal portfolio balance, Kendrick recommends allocating 80% to gold and 20% to Bitcoin. This allocation balance would require a Bitcoin price increase to $190,000 to maintain the desired portfolio mix.

Kendrick also predicts that the SEC will approve U.S. Ethereum ETFs by May 23, following a similar path to the approval of Bitcoin ETFs on Jan. 11, with initial rejections followed by mass approval.

For more insights and updates on the cryptocurrency market, stay tuned to Global Crypto News.

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