Bitcoin has had a strong 2024, with an increase of over 50 percent since the new year, and doubling since the same time last year. In recent months, the cryptocurrency has touched $70,000 on several occasions, but at the time of writing, the rate has fallen back by just over 10 percent to $63,600.
However, there is more to go on, according to Standard Chartered. Their chief cryptoanalyst Geoffrey Kendrick expects bitcoin to rise by more than 100 percent by the time the calendar ticks over to 2025.
In a recent analysis, he sees Bitcoin rising to $150,000 during 2024, which corresponds to an increase of 135 percent from today’s level. At the same time, Ethereum is forecast at $8,000, from today’s level of $3,150.
– The bad news for Bitcoin and Ethereum has already been priced in. Positive structural drivers take over as the negative drivers disappear, says Kendrick according to CNBC.
He highlights the lower risk of a major war in the Middle East. The uncertainty that hit ahead of Iran’s attack on Israel two weeks ago sent most cryptocurrencies lower, as well as the broader market.
Limited new supply following the Bitcoin halving, as well as increasing access to trading via own Bitcoin products, will also drive prices up for the rest of the year. This year’s peak of 73,797.68 was reached in mid-March.
The upgrade from the Standard Chartered analyst comes shortly after hedge fund manager Mark Yusko predicted the bitcoin price to reach the same level, $150,000, by the end of the year. He further expected a tenfold increase in the rate over the next ten years.
