Standard Chartered has changed its price prediction for Bitcoin, hinting at a bullish future for the cryptocurrency. He now believes that BTC could reach a staggering $150,000 by the end of 2024, a significant increase from his previous prediction.
Standard Chartered has changed its price prediction for Bitcoin, hinting at a bullish future for the cryptocurrency. He now believes that BTC could reach a staggering $150,000 by the end of 2024, a significant increase from his previous prediction.
Looking even further into the future, Standard Chartered suggests that Bitcoin could soar to around $250,000 by the end of 2025 before stabilizing. This rise is expected to be driven by a combination of strong ETF inflows, reserve manager interest, and the upcoming Bitcoin halving event, which has traditionally had a positive impact on the value of the cryptocurrency.
As for Ethereum, the bank is also optimistic and expects it to reach $8,000 by the end of 2024 and $14,000 by the end of 2025. These projections are based on the possible approval of Ethereum ETFs by the Exchange Commission and US Securities (SEC), which could lead to an explosive rally in ETH, similar to what we have seen in Bitcoin.
By analyzing the future of Bitcoin according to its chart, we can see that BTC has shown strong performance. Support levels to watch for Bitcoin in this bullish scenario would likely be around the $53,797 and $45,885 marks, which align with the 100-day and 200-day moving averages, respectively.
On the upside, resistance to breaking out for further growth lies at the recent high around $70,000. A successful Bitcoin consolidation above this level could push up the value of digital gold thanks to greater market stability.
Remember, while bank predictions and technical analysis can provide insight into possible future price movements, the markets are extremely volatile right now and every strong move higher can lead to a sharp correction, which could wipe out your gains. Be cautious and do not abuse leverage.
