Standard Chartered, a multinational banking and financial services company, recently raised its year-end Bitcoin price forecast to $150,000, significantly higher than its previous estimate of $100,000. The bank's analysts also predict that Bitcoin could reach a cyclical high of $250,000 in 2025, and then remain stuck at around $200,000 for a long time.
This bullish forecast is based on comparisons to the price of gold following the introduction of gold exchange-traded funds (ETFs) in the US and the correlation between ETF inflows and the price of BTC.
In addition to the bullish outlook for Bitcoin, Standard Chartered believes the SEC could approve an Ethereum ETF on May 23, which would lead to inflows of up to $45 billion in the first 12 months and push the ETH price to around $8,000 by the end of 2024 .
Richard Teng, the new CEO of Binance, the world's largest cryptocurrency exchange, also shares a positive view of Bitcoin. Teng expects the cryptocurrency to surpass $80,000 by the end of the year, driven by increased institutional adoption and dwindling supply. He expects charities to increase their investments in Bitcoin ETFs in the near future.
However, not all experts are completely optimistic about Bitcoin's short-term prospects.
Crypto analyst Rekt Capital has warned that Bitcoin could be on the verge of entering a “danger zone” in the next two days, based on historical pre-halving trends.
The analyst notes that Bitcoin often experienced significant corrections approximately 14-28 days before each halving event. As the long-awaited Bitcoin halving approaches, with only 32 days remaining, the market is already experiencing some volatility.
Bitcoin recently fell to $68,533 after hitting a new all-time high, causing concern among investors and analysts. The coming days will be critical for Bitcoin and the entire cryptocurrency market as participants closely monitor whether the cryptocurrency follows historical patterns or charts a new course.
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