Standard Chartered, a top banking institution, has identified three key factors that could drive the price of Bitcoin (BTC) to $150,000 by the end of the year. This prediction represents a 50% increase from their previous forecast of $100,000.
The bank speculates that Bitcoin’s price could surge to an astonishing $250,000 by next year before stabilizing. According to Standard Chartered’s analysis, the surge in Bitcoin’s price will be fueled by three factors: the upcoming Bitcoin Halving event, increased interest from reserve managers, and sustained inflows into spot Bitcoin ETF products.
The Bitcoin Halving event, which is set to occur within the next 25 days, has historically had a positive impact on the price of Bitcoin. This event will reduce miners’ rewards by 50%, from the current 6.25 BTC to 3.125 BTC.
In addition, spot Bitcoin ETF products have been attracting significant interest from investors. Data from BitMEX shows that these ETFs saw inflows of $15.4 million yesterday, following a five-day streak of outflows. This growing interest indicates a rising confidence among institutional investors who now view Bitcoin as a viable investment option.
Notably, Fidelity’s Bitcoin fund (FBTC) saw the highest inflow of $261.8 million, followed by BlackRock’s IBIT with $35.5 million worth of investments. While Grayscale experienced outflows, other Bitcoin spot ETFs, including BITB, BTCO, EZBC, BRRR, and HODL, recorded inflows ranging from $4 million to $20.5 million.
With the Bitcoin Halving event approaching and sustained institutional interest in Bitcoin, Standard Chartered believes that the cryptocurrency could reach their projected price of $150,000 by the end of the year.
Meanwhile, Bitcoin’s current price stands at $70,838, showing a 5.57% increase over the past day and a 12.9% increase in the weekly charts. Chartist Ali Martinez suggests that Bitcoin is breaking out of an ascending triangle, which could potentially drive its price to $71,800. However, it is crucial for Bitcoin to maintain the support level of $70,400 for this surge to occur.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not necessarily reflect the views of The Crypto Basic. Readers should conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses incurred.