Standard Chartered Raises the Bar: Bitcoin Predicted to Reach $150,000
On Wednesday, Standard Chartered, a United Kingdom-based multinational bank, released a fresh Bitcoin price prediction.
The recent forecast points to $150,000 as the possible peak for the apex coin this year. The firm came to this conclusion after studying several possible catalysts. One of the glaring is spot Bitcoin ETFs as it had a huge impact on the asset in recent times.
The multinational banking institution that previously forecasted $120,00 being Bitcoin’s maximum value by the end of this year once again revised these projections on Wednesday.
By April 2023, Standard Chartered predicted Bitcoin to reach a high of $100,000. In its previous prediction, its latest forecast was above its previous guesses.
The Rise of Bitcoin ETFs: Fueling the Forecast
This forecast hits the headlines against the backdrop of the recent high trading flow in Bitcoin ETFs, a true fiscal revolution in the Bitcoin space.
The underlying situation was that the investment vehicle had not got the proper approval when Standard Chartered offered its previous assessments.
Contrary to this, after the regulation’s endorsement in the United States, this business model has drawn billions of dollars from investors. In contrast, repo cryptocurrency businesses are in charge of storing the customers’ bitcoins in real-time.
Future Outlook: $250,000 by 2025
The bank also claimed that the price of BTC would have a trade price of $250,000 in 2025. This caters for the evidence of its potential for the future of this leading cryptocurrency.
Another company has also ventured into Bitcoin’s recent price this year. Some experts claimed a price of $160,000 which they expected to be reached at the end of the year. Another Bitcoin believer forecasted the coin’s $1mln peak at $250,000.
As much as any bed was also supportive of Standard Chartered’s latest prediction on Bitcoin, which is based on its recent performance. BTC registered a new all-time highs for the first time in its life right before its halving.
The past seven days has witnessed the asset reach its highest price of slightly above $73,700.
A big market correction has spread through the Bitcoin chart with the present trading price of approximately $67,000 as the collateral – the asset has lost 1.5% in the back two days.
