Standard Chartered Forecasts Bitcoin to Rise to $250,000

Standard Chartered has revised its Bitcoin price prediction, hinting at a bullish future for the cryptocurrency. Presently, they believe BTC could reach a staggering $150,000 by the end of 2024, marking a significant increase from their previous forecast.

Looking further ahead, Standard Chartered suggests that Bitcoin could skyrocket to around $250,000 by the end of 2025 before stabilizing. This surge is anticipated to be driven by a combination of strong ETF capital inflows, interest from reserve managers, and the upcoming Bitcoin halving event, which traditionally has positively impacted the cryptocurrency’s value.

Regarding Ethereum, the bank is also optimistic, expecting it to reach highs of $8,000 by the end of 2024 and $14,000 by the end of 2025. These predictions hinge on the possibility of the U.S. Securities and Exchange Commission (SEC) approving Ethereum ETFs, which could lead to an explosive price rally similar to what has been witnessed with Bitcoin.

Analyzing Bitcoin’s future based on its chart, we can observe robust performance. Key support levels to monitor for Bitcoin in this bullish scenario may hover around $53,797 and $45,885, corresponding to the 100-day and 200-day moving averages, respectively.

On the other hand, the resistance level to break for further growth is around the recent high of approximately $70,000. A successful Bitcoin consolidation above this level could push the digital gold’s value higher due to market stability.

Related: Bitcoin Surges Back to $70,000 Amid Ongoing GBTC Sell-Off

It’s important to remember that while the bank’s predictions and technical analyses can provide insightful perspectives on potential price fluctuations in the future, the current market is highly volatile, and each strong upward movement can lead to a sharp correction, potentially nullifying your profits. Exercise caution and refrain from overleveraging.