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Standard Chartered forecasts Bitcoin at $150,000 by the end of 2024

Bitcoin: Standard Chartered forecasts Bitcoin at $150,000 by the end of 2024

Financial experts at Standard Chartered predict that the value of bitcoin will skyrocket, reaching $150,000 by the end of 2024 and rising to $250,000 by 2025. This is reported by CoinDesk, citing the organization's report.

The bank's forecast is based on two key factors: fluctuations in the price of #gold following the introduction of exchange-traded funds (ETFs) linked to the precious metal, and the correlation between bitcoin valuations and spot fund investments.

The report emphasizes that "drawing parallels with gold, especially with respect to the impact of variables such as ETFs and optimal portfolio structure, provides a sound basis for determining the 'appropriate' bitcoin price level for the foreseeable future."

In this context, the bank's analysts predict that the value of bitcoin will rise to $150,000 by the end of 2024 and reach $250,000 by 2025. According to experts, the realization of the latter scenario is due to the inflow of 75 billion US dollars in spot bitcoin funds #ETF.

It is worth noting that earlier the main cryptocurrency reached a record high of 73,650 US dollars, after which it turned downward. Currently, prices are below the $67,700 mark.

In addition, in addition to bitcoin, experts at Standard Chartered also made a prediction about the price dynamics of Ethereum. If the SEC approves the Ethereum-related #ETF, up to $45 billion could flow into the sector in the first year.

Analysis shows that if the aforementioned conditions are realized, Ethereum's value will rise to US$8,000 by the end of 2024. Furthermore, by 2025, the asset's price is expected to rise significantly to USD 14,000 due to its growing correlation with bitcoin.

Before the #Dencun update, the Ethereum exchange rate jumped to 4,083 USD, indicating a notable market movement.

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