Investors can expect Bitcoin to more than double its current price if Binance’s new CEO and Standard Chartered’s recent predictions come true.
The price of Bitcoin has increased by over 62% since the turn of the year, building on a positive uptrend that began in the fourth quarter of last year.
However, investors may expect additional gains as experienced market analysts forecast how high the top cryptocurrency can go by the end of the year.
Chiming in on the conversation is Binance’s newly appointed CEO, Richard Teng. In a recent Bloomberg feature, the Binance CEO predicted that Bitcoin would cross $80,000 before the end of the year.
Mr. Teng’s prediction is largely based on increased inflows into the newly approved spot Bitcoin ETFs in the United States. The funds have become the largest Bitcoin buyers, and Teng expects that to continue for the rest of the year, giving BTC the projected price valuation.
Standard Chartered Raises Bitcoin Prediction to $150,000
However, in one of the most bullish Bitcoin predictions for the year, analysts at UK banking giant Standard Chartered tipped Bitcoin to reach $100,000 in 2024. Nonetheless, these analysts have now raised their predictions off the back of Bitcoin’s recent run to new all-time highs.
In a recent investor note published Monday, the analysts described Bitcoin’s journey above $70,000 as “sharper-than-expected.” As a result, they have raised the prediction of Bitcoin’s yearly top to $150,000, citing increased open interest.
Significantly, the analysts mentioned that Bitcoin’s latest run is more sustainable because of the ETF inflows coming from “sticky pension-type flows.”
These inflows represent a different category of investment capital than those that invested in the 2021 cycle, which led to a market top coming much earlier, the analysts argued.
Meanwhile, although Richard Teng’s and Standard Chartered’s predictions catch the eye, they still trail some other popular forecasts. Famed investor Tim Draper forecasts Bitcoin to hit $250,000, while CoinFund expects Bitcoin to soar to $500,000 within the next twelve months.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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