Standard Chartered bank predicts that bitcoin will hit $150,000 by the end of the year

In its revised forecast, Standard Chartered predicts that Bitcoin (BTC) will reach $150,000 by 2024. In fact, the bank has raised its forecast from the $100,000 mark at the end of last year. In addition, the bank also gave an optimistic forecast for a year from now if spot Bitcoin ETF inflows remain strong.
Specifically, the bank said that the price of BTC could reach $200,000 by 2025. They noted that the asset faced "larger than expected price gains" this year. In addition, the upcoming Bitcoin halving event should also have a positive impact on asset prices.
Despite the price correction of the past few days, 2024 is the year of Bitcoin. Based on expectations for 11 approved spot Bitcoin ETFs, the asset has hit a record high this year. In fact, it's priced at a whopping $73,000, and many expect the price to go up.
Standard Chartered Bank, one of the banks forecasting bigger gains, has raised its forecast for Bitcoin (BTC) to reach $150,000 by the end of 2024. That's a significant increase from the $100,000 forecast the bank issued in November. Subsequently, the bank expects the value to increase a full year later.

However, amid the vagaries of the global cryptocurrency market, Standard Chartered's latest forecast has once again attracted a lot of attention. According to a report released by Standard Chartered Bank, they doubled down on Bitcoin's potential and predicted that the digital asset is expected to soar to the $150,000 level by the end of the year.

Standard Chartered's bold prediction is based on a combination of factors. First, they point to signs that the Bitcoin market is maturing. Over the past few years, Bitcoin has transformed from a fringe asset to one of the mainstream investment vehicles in global financial markets. This shift is not only reflected in the increased interest of institutional investors in Bitcoin, but also in the trend of more and more large financial institutions accepting and supporting Bitcoin transactions.

Second, Standard Chartered highlighted Bitcoin's scarcity and fixed supply. As a decentralized digital currency, the total supply of Bitcoin is strictly limited to 21 million, and the difficulty of mining is getting higher and higher, and the issuance rate of new Bitcoin is gradually slowing down. This scarcity property makes Bitcoin an inflation-resistant asset and could drive prices even higher in future supply and demand imbalances.

In addition, Standard Chartered noted increased uncertainty in the global economy. With central banks around the world easing monetary policy to stimulate economic growth and tackle the challenges posed by the coronavirus pandemic, many investors are seeking more safe-haven assets. In this context, Bitcoin, as a decentralized, borderless digital asset, is becoming a safe haven option for more and more investors.

However, there are different views on this forecast in the market. Some analysts believe the $150,000 price target is overly optimistic, while others believe it may be understating the true value of bitcoin. It is undeniable that the volatility of the Bitcoin market still exists, and investors should be cautious and invest according to their risk appetite.

Standard Chartered bank's doubling forecast for the future price of Bitcoin has sparked widespread interest and heated discussion in the market. Regardless of the final outcome, Bitcoin, as an emerging asset class, will continue to lead the development of digital finance worldwide and deliver strong returns for investors.

Source of the article: https://www.cnbc.com/2024/04/25/standard-chartered-bitcoin-btc-to-hit-150000-after-halving.html?&qsearchterm=bitcoin
1024Mining.com