Standard Chartered raises year-end target of Bitcoin to $1,50,000
Bitcoin records largest single-day drop in two weeks, falls over 7% The bank conducted its analysis by juxtaposing the price of gold following the introduction of gold exchange-traded funds (ETFs) in the U.S. and establishing a correlation between ETF inflows and the price of BTC. Notably, spot bitcoin ETFs commenced trading in the U.S.
in January. Additionally, the bank projected that the Securities and Exchange Commission might sanction an ether (ETH) ETF by May 23, potentially resulting in inflows of up to $45 billion within the inaugural 12 months. Consequently, the bank envisages ETH reaching approximately $8,000 by the conclusion of 2024.
"In 2025, we see the ETH-to-BTC price ratio rising back to the 7% level that prevailed for much of 2021-22. Given our estimated BTC price level of USD 200,000 at end-2025, that would imply an ETH price of $14,000,"the bank said in another note. Last week saw unprecedented levels of weekly net inflows and trading volume for US spot bitcoin ETFs, coinciding with bitcoin reaching new all-time highs before experiencing a notable retreat.
According to reports, the combined net inflows for the ten spot bitcoin ETFs totaled $2.57 billion during the week. This marked a 15% increase from the $2.24 billion inflows recorded the previous week. Also read: After Bitcoin’s surge, Ethereum geared to hit the top league with dencun update.
Should you invest? Bitcoin, on Tuesday, experienced a notable decline of over 7%, dropping to $62,500, marking its most significant one-day decrease in a fortnight. This downturn coincided with a widespread sell-off affecting cryptocurrencies and other high-risk assets, including stocks. Currently, the cryptocurrency is down by 5.6% to $63,650, having reached a
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