TLDR
Standard Chartered, a multinational banking and financial services company, has recently raised its year-end bitcoin price forecast to $150,000, a significant increase from its previous estimate of $100,000.
The bank’s analysts also predict that Bitcoin could reach a cyclical high of $250,000 during 2025 before settling around $200,000.
This bullish outlook is based on a comparison with the price of gold after the introduction of gold exchange-traded funds (ETFs) in the U.S. and the correlation between ETF inflows and the BTC price.
In addition to the optimistic Bitcoin forecast, Standard Chartered believes that the Securities and Exchange Commission could approve an Ethereum ETF on May 23, leading to inflows of up to $45 billion in the first 12 months and pushing 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 outlook for Bitcoin.
Teng expects the cryptocurrency to surpass $80,000 by the end of the year, driven by increasing institutional adoption and reduced supply.
He anticipates that family offices and endowment funds will increase their investments in bitcoin ETFs in the near future.
However, not all experts are entirely optimistic about Bitcoin’s short-term prospects.
Crypto analyst Rekt Capital has warned that Bitcoin may be on the brink of entering a “Danger Zone” in the next two days, based on historical pre-halving trends.
#BTC
In 2 days, Bitcoin will officially enter the “Danger Zone” (orange) where historical Pre-Halving Retraces have begun
Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving
In 2020, this retrace was -20% deep
In 2016, this retrace was -40%… pic.twitter.com/rnKjznsGHk
— Rekt Capital (@rektcapital) March 17, 2024
The analyst points out that Bitcoin has often experienced significant retracements approximately 14-28 days before each halving event.
As the highly anticipated Bitcoin halving draws near, with only 32 days remaining, the market has already witnessed some volatility.
Bitcoin recently fell back to $68,533 after hitting a new all-time high, sparking concerns among investors and analysts.
The coming days will be crucial for Bitcoin and the broader cryptocurrency market, as participants closely monitor whether the cryptocurrency follows historical patterns or charts a new course.
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Author: Oliver Dale
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