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Bitcoin Price to Blast Off? Standard Chartered Hikes BTC Price Target to $150,000 in 2024

Last Updated March 18, 2024 4:07 PM
Teuta Franjkovic
Last Updated March 18, 2024 4:07 PM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Fueled by ETF approvals and surpassing expectations, Bitcoin’s price is projected for significant growth this year.
  • Standard Chartered predicts Bitcoin could reach $250,000 by next year.
  • The bank sees Bitcoin as a burgeoning asset class, recommending a 20% portfolio allocation alongside gold.

Standard Chartered has significantly raised its Bitcoin price forecast , now projecting that BTC could reach $150,000 in 2024.

This optimistic target suggests a potential bullish outlook for Bitcoin in the coming year. This indicates the bank has confidence in its  growth.

BTC Blasts Through $73,000, Standard Chartered Hikes Target to $150,000

2024 has emerged as a remarkable year for Bitcoin so far, despite experiencing a recent price correction. The excitement surrounding the approval of 11 Spot Bitcoin ETFs has been a pivotal factor, propelling the cryptocurrency to reach new heights with a record-setting price of $73,000. This development has fueled expectations for further price increases.

In light of this news, Standard Chartered Bank has revised its forecast for Bitcoin. The bank now thinks it will hit $150,000 by the end of 2024. This represents a significant elevation from their previous $100,000 prediction made in November last year. Following this upward trajectory, the bank also anticipates a further increase in Bitcoin’s value in the subsequent year, underscoring a bullish outlook for the cryptocurrency’s future.

Bitcoin to Break $200,000 in 2025? 

Furthermore, Standard Chartered has projected an even more optimistic future for Bitcoin . It says that BTC’s price could rise to $250,000 by 2025. This adjustment reflects the cryptocurrency’s performance, which has exceeded expectations with its rapid price increases over the year.

Additionally, the bank says it expects the forthcoming Bitcoin Halving event to bolster the asset’s price further.

In an investor note sent via email on Monday, Standard Chartered analysts, under the guidance of Geoffrey Kendrick , revised their forecast for Bitcoin. They suggested that 2025 could see Bitcoin reach as high as $250,000, with expectations for the cryptocurrency to surpass the $200,000 threshold at various points throughout the year.

Bitcoin vs. Gold: Standard Chartered Advises 20% Portfolio Allocation

This ambitious prediction is based on a comparison with gold, drawing parallels between Bitcoin’s trajectory and gold’s price movement following the US approval of gold ETFs. Kendrick and his team argue that their target price for Bitcoin is “correct” by examining the historical price dynamics of gold in relation to the introduction of gold ETFs. After that, they consider the adjustments investors might make when balancing gold and Bitcoin within their portfolios.

According to the note:

“We think the gold analogy – in terms of both ETF impact and the optimal portfolio mix – remains a good starting point for estimating the ‘correct’ BTC price level medium-term.”

The analyst estimated the optimal allocation between gold and Bitcoin to be 80% in gold and 20% in Bitcoin. They explained that if the price of gold remains constant, the price of Bitcoin would need to rise to $190,000 for its portfolio share to reach the 20% level suggested by their portfolio optimization analysis.

 

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