Posted by Xoken.org – Standard Chartered has raised its bitcoin price predictions, estimating that the price of the cryptocurrency could reach USD 250,000 or the equivalent of IDR 3.9 billion (assuming an exchange rate of IDR 15,780 per US dollar) next year and USD 150,000 or the equivalent of IDR 2.3 billion this year.
The bank also adjusted its Ethereum crypto price predictions as it anticipates approval of an Ethereum Spot ETF by the US Securities and Exchange Commission (SEC) in May.
Standard Chartered head of crypto research Geoff Kendrick explained the bank determined its BTC price target by analyzing bitcoin’s performance in relation to the price of gold following the introduction of gold ETFs in the US, and by correlating ETF inflows and BTC prices.
“We think the gold analogy in terms of both ETF impact and optimal portfolio mix remains a good starting point for estimating the correct BTC price level in the medium term,” Kendrick wrote in a note, quoted from Bitcoin.com, Tuesday (26/3 /2024).
Standard Chartered said previously in January 2024 BTC could reach USD 200,000 by 2025 with the approval of a spot bitcoin ETF. In April last year, Standard Chartered said the crypto winter was over.
In November, the bank noted a crypto spring had sprung, stressing BTC could reach USD 100,000 sooner than previously estimated.
Bullish Estimates for Ether
Standard Chartered continues to anticipate approval of a spot ether ETF by the US Securities and Exchange Commission (SEC) in May. In January, Kendrick estimated that the price of ether would rise to USD 4,000 or the equivalent of IDR 62.6 million on the anticipated approval date.
The analyst has become more bullish on Ethereum since his previous prediction. In a note on Monday, Kendrick projected greater upside potential for ETH.
Kendrick expects SEC approval of an ether ETF that will generate inflows of up to USD 45 billion or the equivalent of IDR 704 trillion in the first 12 months, pushing the price of ETH to USD 8,000 or the equivalent of IDR 125.2 million by the end of 2024.
He also anticipates Ethereum’s latest upgrade will significantly reduce transaction fees and further togel online increase the price of ETH crypto.