Following the remarkable surge from Bitcoin (BTC) this month, top banking institution Standard Chartered has highlighted three factors that could take the asset to $150K by year-end.
In its latest analysis, Standard Chartered noted that Bitcoin will reach a price target of $150,000 by the end of 2024, marking a 50% increase from its previous prediction of $100,000.
Notably, the bank speculated that Bitcoin’s price would spike to a whopping $250,000 by next year before it would eventually stabilize.
3 Factors That Could Push Bitcoin to $150K
According to the bank, the surge in Bitcoin price will be fueled by three factors. They include the upcoming Bitcoin Halving event, growing interest from reserve managers, and sustained inflows into spot Bitcoin ETF products.
It is worth mentioning that the Bitcoin Halving event has always had a positive impact on Bitcoin’s price. The upcoming halving, slated to occur within the next 25 days, would slash miners’ rewards by 50% to 3.125 BTC from the current 6.25 BTC.
In the meantime, spot Bitcoin ETF products have continued to garner significant interest. According to data from BitMEX, these ETFs saw inflows of $15.4 million yesterday after a five-day streak of outflows.
Bitcoin ETF Flow – 25 March 2024
All data in. Net inflow day after outflows last week pic.twitter.com/Zk3EQE3Hws
— BitMEX Research (@BitMEXResearch) March 26, 2024
The development underscores a growing confidence among institutional investors who now see Bitcoin as a suitable investment option.
Per the data, Fidelity’s Bitcoin fund (FBTC) saw the most inflow to the tune of $261.8 million, followed by BlackRock’s IBIT, which attracted $35.5 million worth of investment yesterday.
While Grayscale continued its streak of outflows yesterday, ARKB and BTCW funds recorded neither inflows nor outflows. Furthermore, the remaining Bitcoin spot ETFs, including BITB, BTCO, EZBC, BRRR, and HODL, recorded inflows ranging between $4 million and $20.5 million, respectively.
With the halving event expected to occur in less than a month and sustained institutional interest in Bitcoin, the top asset could reach Standard Chartered’s projected price of $150,000 by year-end.
Analyst Cites Condition for Bitcoin Surge to $71,800
Meanwhile, Bitcoin is currently priced at $70,838, up 5.57% over the past day and 12.9% in the weekly charts. Popular chartist Ali Martinez stated in an X post today that Bitcoin is breaking out of an ascending triangle that could take its price to $71,800.
However, the analyst stressed that Bitcoin needs to hold the $70,400 support level for its potential surge toward $71,800.
It appears that #Bitcoin is breaking out of an ascending triangle on the lower time frames, which could see $BTC rise toward $71,800 as long as the $70,400 support holds. pic.twitter.com/CQUyrc9vkv
— Ali (@ali_charts) March 26, 2024
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