Standard Chartered Bank has updated its Bitcoin price forecast, now expecting a significant surge in value to $150,000 by the close of 2024. This revision comes after observing more robust-than-anticipated price increases for Bitcoin.
The bank anticipates even greater gains in 2025, projecting a price of $250,000 for Bitcoin, attributing this optimism to ongoing inflows into spot Bitcoin ETFs and the upcoming Bitcoin halving event.
Geoffrey Kendrick, a prominent analyst at Standard Chartered, draws comparisons between Bitcoin and gold, suggesting that Bitcoin’s trajectory mirrors that of gold after the approval of gold ETFs in the U.S. Based on this comparison, the bank foresees a potential price increase for Bitcoin, aligning with portfolio optimization strategies.
To achieve an optimal portfolio balance, Kendrick recommends an 80% allocation to gold and a 20% allocation to Bitcoin. He argues that this balance necessitates a Bitcoin price increase to $190,000 to maintain the desired allocation.
Kendrick also predicts the approval of U.S. Ethereum ETFs by the SEC, likely following a similar pattern to the approval process for Bitcoin ETFs, which were greenlit on Jan. 11.