Standard Chartered: Bitcoin Will Reach $150,000 By End of 2024

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In a recent report, Standard Chartered Bank announced their new prediction of Bitcoin’s price, which has been raised from $100,000 to $150,000.

This is due to several factors, including the strong inflows in newly launched spot Bitcoin exchange-traded funds in the US and the positive price movement of Bitcoin.

In addition, the bank’s analysts led by Geoffrey Kendrick, believes that the BTC price may even reach $150,000 by the end of 2024, surpassing their previous estimate of $100,000.

According to the bank, inflows in spot Bitcoin ETFs are surpassing open interest in Bitcoin derivatives, implying more sustainable positioning this time.

They also mentioned that the majority of these inflows are from long-term investments, such as pension funds.

Currently, Bitcoin is trading at around $68,000 and had reached a high of $73,000 earlier this month. The bank remains confident in their prediction of Bitcoin reaching $200,000 by the end of 2025.