2024-3-21 20:00 |
The surge in Bitcoin ETF investments has spurred global banking giant Standard Chartered to revise its year-end price forecast and 2025 projections upward.
They now forecast that Bitcoin will reach $150,000 by the end of 2024, a substantial increase from its earlier prediction of $100,000.
Standard Chartered analysts pointed to robust inflows into newly introduced spot Bitcoin ETFs in the U.S. as a key factor driving their optimistic stance on the “first cryptocurrency.”
Institutional interest fuels growthAnalysts believe the sustained institutional interest will fuel further appreciation in Bitcoin’s value.
This sentiment is expected to spread within the Ethereum and BlockDAG Network ecosystems, fueling their growth.
Just last week Bitcoin surged to all-time highs, reaching a price per BTC of $73,000, while Ethereum followed in second lead at just over $4,000 per ETH.
The BlockDAG Network went viral on social media with its global Keynote video release.
What does Standard Chartered head of crypto research say?Geoffrey Kendrick, Standard Chartered’s head of forex and crypto research, stated,
“Given the unexpectedly sharp price gains thus far in 2024, we now envision the potential for Bitcoin to reach $150,000 by year-end, up from our prior projection of $100,000.”
Furthermore, they anticipate this upward momentum to extend into 2025, with Bitcoin possibly reaching heights of $250,000 before stabilizing around $200,000.
Bitcoin price volatilityThe update on the price prediction comes after Bitcoin experienced a sudden drop to $8,900 on BitMEX, a cryptocurrency exchange, while prices remained stable above $60,000 on other platforms. Bitcoin was hovering around $63,000 at the time of writing.
ETH forecastStandard Chartered has forecasted that while BTC could reach $150,000 by year’s end, ETH may surge to $8,000 and could see $14,000 by 2025.
According to their research note, analysts at the global business anticipate that the approval of spot Ethereum exchange-traded funds (ETFs) will serve as a significant driver for the cryptocurrency’s value.
Kendrick emphasized the recent substantial upgrade to the network and the anticipated approval of ETH ETFs by U.S. regulators in May as crucial factors.
Kendrick also highlighted the potential impact of the network’s recent DenCun upgrade, which is projected to decrease transaction fees on the blockchain significantly.
Standard Chartered’s projection aligns with other optimistic forecasts for Ethereum. In January, JPMorgan price-predicted a year-end target of $5,000 for ETH.
Where’s BlockDAG placed?On Monday, analysts predicted that BlockDAG Network’s strive for transparency and inclusivity is propelling the project further into the crypto space, with some forecasting BDAG to sit among the top fifty cryptocurrencies by 2025.
BlockDAG Network is the result of extensive research and development aimed at overcoming the efficiency challenges and the inclusivity issues plaguing the blockchain realm.
The project has outlined its roadmap of future endeavors in a Keynote video released last week.
The video highlights several key features propelling the ascent of BlockDAG Network. These include a strategic focus on growth through marketing, promotion, and inclusivity.
The network’s architecture facilitates rapid and secure transaction processing, effectively eliminating bottlenecks and enabling seamless scalability in response to increasing demand.
Additionally, crypto mining is made accessible by the BlockDAG Network and their at-home mining system, which offers passive income generation opportunities.
The post Standard Chartered sees Bitcoin rally to $150k in 2024, Ethereum and BlockDAG set to gain too appeared first on Invezz
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