The monetary large Standard Chartered on Monday revised its worth goal for Bitcoin (BTC) and Ethereum (ETH) for this yr and 2025.
Standard Chartered now predicts BTC worth hitting $150,000 by the year-end and $250,000 in 2025. Moreover, the financial institution additionally predicts ETH worth to attain $8,000 if a spot Ether ETF is authorised by the U.S. SEC.
Standard Chartered Raises Bitcoin and Ethereum Price Targets
Standard Chartered raised its year-end Bitcoin worth goal to $150,000 from $100,000 after BTC worth hit a recent all-time excessive. The transfer comes in response to gold analogy, huge inflows into spot Bitcoin ETF, and portfolio optimization.
The financial institution additionally revised its goal worth for 2025 from $200,000 to $250,000. Thus, the financial institution elevated its year-end and 2025 goal worth by $50,000 largely due to rising curiosity in spot Bitcoin ETFs. Standard Bank is extra assured on its BTC worth goal for 2024.
“We believe that both of these comparisons are still relevant and provide insights into how the Bitcoin price might develop,” says Standard Chartered’s head of digital property Geoff Kendrick.
On the opposite hand, Standard Chartered stored its Ethereum worth goal, however believes ETH worth may hit $8,000 in 2024 as an alternative of 2026. ETH worth presently trades at $3,568.
Standard Chartered cites the Ethereum Dencun improve and anticipated spot Ethereum ETF approval as main causes behind the bullish worth goal for ETH worth. The financial institution expects the U.S. SEC to approve a spot Ethereum ETF in May, which may carry $15-45 billion in inflows in the primary 12 months.
Moreover, the London Stock Exchange (LSE) has introduced accepting purposes for BTC and ETH ETFs. Also, “In 2025, we see the ETH-to-BTC price ratio rising back to the 7% level that prevailed for much of 2021-22,” which provides ETH worth goal of $14,000 in 2025.
Also Read: Ethereum (ETH) Price Reversal Unlikely Soon As Majority Holders Still In Profit
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