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Standard Chartered raised anticipation regarding Bitcoin’s price during the remaining months in 2024, the bank sees the new estimate on the back of exchange-traded funds, broadly known as ETFs, driven positive market conditions.
The bank previously predicted that Bitcoin could hit $100,000 by year-end. The current estimate is even higher $150,000, and depending on particular market developments, it may even surpass $250,000.
Standard Chartered made use of comparisons between the past effects of gold exchange-traded funds (ETFs) and their influence on gold trading to indicate the possible effects of Bitcoin ETFs on the price of Bitcoin. Substantial inflows into ETFs are thought to likely raise Bitcoin’s price to even higher levels.
The bank highlights the recent introduction of spot Bitcoin ETF in the US and their success. The price of Bitcoin has increased in tandem with these new investment vehicles, which have attracted substantial inflows totaling over $12 billion.
Standard Chartered also believes that Ethereum has potential for growth. They anticipate that the price will reach $8,000 if the SEC approves spot Ether ETFs. Within a year, substantial investment inflows of up to $45 billion might be released with this authority.
