According to a report by CoinDesk, Standard Chartered Bank has raised its year-end price prediction for Bitcoin (BTC) to $150,000 and predicts that Bitcoin will reach a peak of $250,000 in this cycle. The bank also predicts that if an Ethereum (ETH) spot ETF is approved in the United States, the price of Ethereum could reach $8,000 by the end of this year.
Bitcoin to reach $250,000 in this cycle
According to an investment report released on Monday (18th), Standard Chartered Bank has raised its price prediction for Bitcoin at the end of 2024 from $100,000 to $150,000 and predicts that Bitcoin will reach a cycle peak of $250,000 next year, then stabilize around $200,000.
Standard Chartered Bank’s analysis is based on the comparison between the launch of gold ETF in the United States and the price of gold, as well as the correlation between ETF fund inflows and Bitcoin price. The report states:
Ethereum could reach $8,000 after the approval of spot ETF
Standard Chartered Bank also stated that the U.S. Securities and Exchange Commission (SEC) may approve an Ethereum (ETH) spot ETF on May 23, which could bring in up to $45 billion in inflows within the first 12 months and lead to Ethereum’s price reaching around $8,000 by the end of 2024.
According to another report by Standard Chartered Bank:
As of the time of this writing, the trading prices of Bitcoin and Ethereum are approximately $68,350 and $3,605 respectively, and the ETH to BTC exchange rate is approximately 0.0527 BTC.
