NFT News by Thebittimes.Com

Standard Chartered upgrades BTC forecast to $150K year-end. The bank’s analysis is based on ETF inflows, historical gold performance, and institutional interest. The bank believes the potential ETH ETF approval could drive ETH to $8K by 2024. Standard Chartered Bank has upgraded its year-end forecast for Bitcoin’s price to $150,000, representing a 50% increase from its previous estimate of $100,000. The bank anticipates significant bullish momentum for BTC, attributing the revision to strong inflows into spot bitcoin exchange-traded funds (ETFs) in the United States. These inflows are outpacing the growth of bitcoin derivatives’ open interest, suggesting sustainable positioning and long-term investment interest, particularly from pension-type funds. The revised forecast also includes a projection for Bitcoin to reach a high of $250,000 during the 2025 cycle before stabilizing around $200,000. Standard Chartered bases its Analysis on th...

According to a recent report by Standard Chartered Bank, Bitcoin (BTC), has the potential to reach $100,000 by year’s end. Since the crypto winter is over, recent gains, and the coin becoming more scarce after Silicon Valley Bank’s shutdown, may help surge the price. Source: Binance Academy “Against this backdrop, bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value and a means of remittance,” Geoff Kendrick, a Standard Chartered analyst wrote. Since, the beginning of 2023, Bitcoin has gained by 63%. The digital asset is currently worth $27,326.20, according to CoinMarketCap. Kendrick adds: “While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly.” Standard Chartered expects Bitcoin’s share of the entire crypto market capitalization to rise back to the 50-60% range. Additionally, the bank’s report mentions that Bitcoin’s upc...