Arman Shirinyan
Quarter million for Bitcoin? A multinational bank thinks it is possible
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Standard Chartered has changed its Bitcoin price forecast, pointing to a bullish future for the cryptocurrency. It is now believed that BTC could potentially reach the incredible $150,000 mark by the end of 2024, a significant increase from the previous forecast.
Looking even further into the future, Standard Chartered believes that Bitcoin could rise to around $250,000 by the end of 2025 before stabilizing. This rise is expected to be fueled by a combination of strong ETF inflows, interest from reserve managers and the upcoming Bitcoin halving, which has traditionally had a positive impact on the cryptocurrency's value.
Bitcoin/USD chart from TradingView
As for Ethereum, the bank is also bullish, expecting it to reach $8,000 by the end of 2024 and $14,000 by the end of 2025. These predictions are based on the possible approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC), which could lead to an explosive rally in ETH, similar to what we have seen with Bitcoin.
If we analyze the future of Bitcoin through its chart, we can observe that BTC has shown strong performance. The support levels to keep an eye on in this bullish scenario for Bitcoin would likely be around $53,797 and $45,885, which coincide with the 100- and 200-day moving averages, respectively.
On the other hand, the resistance to be broken for further growth is at the recent high around $70,000. A successful Bitcoin consolidation above this level could drive the value of digital gold higher thanks to increased market stability.
Remember that while bank forecasts and technical analysis can provide insight into possible future price movements, markets are currently extremely volatile and any strong upward move could lead to a sharp correction that could wipe out your profits. Stay careful and don't use too much leverage.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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