Why Standard Chartered reviewed its Bitcoin price forecast to $150,000

Global fiscal elephantine Standard Chartered has revised its forecast for Bitcoin’s price, present foreseeing the flagship integer plus soaring to $150,000 by year-end, citing favorable marketplace conditions.

Earlier successful the year, the bank’s caput of crypto research, Geoffrey Kendrick, predicted that the BTC terms would ascent to $100,000 by the extremity of the twelvemonth and $200,000 successful 2025.

ETFs’ pivotal role

Standard Chartered’s existent prediction is based connected the parallels betwixt however the instauration of golden exchange-traded funds (ETFs) successful the US impacted golden prices and a akin correlation betwixt Bitcoin ETF inflows and BTC prices.

According to the bank, if ETF inflows scope an estimated $75 cardinal oregon if reserve managers commencement accumulating BTC, there’s a beardown anticipation of the flagship integer plus terms surpassing the $250,000 people astatine immoderate constituent successful 2025.

Since their instauration successful January, spot BTC ETFs person seen heightened trading activities that person propelled Bitcoin’s terms to unprecedented highs. The caller concern vehicles person accumulated implicit $12 cardinal successful nett inflows.

Moreover, Standard Chartered besides foresees Ethereum reaching heights of up to $8,000 if the US Securities and Exchange Commission (SEC) greenlights spot Ether ETFs. The slope noted that support could trigger inflows of up to $45 cardinal wrong 12 months.

Over the past weeks, speculations person been rife astir the imaginable interaction of an Ethereum ETF. However, the anticipation of approval by May is low, considering the regulatory ambiguity surrounding ETH and the SEC’s silence.

As of property time, ETH was trading for $3,512, according to CryptoSlate’s data.

Binance CEO shares optimism

Similarly, Binance’s caller CEO, Richard Teng, reportedly holds a bullish presumption of the crypto market, predicting that BTC’s terms would surpass $80,000 by year-end.

Teng explained that the apical integer plus is witnessing an expanding request acknowledgment to the Bitcoin ETFs, coinciding with a diminishing proviso basal that the impending Halving lawsuit would further impact.

The station Why Standard Chartered reviewed its Bitcoin terms forecast to $150,000 appeared archetypal connected CryptoSlate.