Standard Chartered says $150,000 level in 2024 ‘now looks likely’ By

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price has continued to move higher in March, which is in line with historical trends heading into the much-anticipated halving event.

BTC price recently surged to over $73,000 correcting to below $65,000 on profit taking. At the time of writing, Bitcoin price exchanged hands at around $67,500.

A year-to-date increase stands at more than 60% while the 12-month jump has exceeded 150%. 

“Bitcoin’s price recovery to previous ATH seems to be faster than previous cycles. Bitcoin’s price is above the previous ATH already, suggesting this cycle may be different and making a significant correction likely,” Menno Martens, Crypto Specialist and Product Manager at VanEck, said to

Why is Bitcoin price rallying?

The recent surge in Bitcoin price is partly driven by the growing demand for spot Bitcoin Exchange Traded Funds (ETFs), offering investors a less risky way to engage with cryptocurrency. 

These ETFs have seen a significant influx of investment, drawing attention for their potential in portfolio diversification. Spot Bitcoin ETFs differ from regular Bitcoin ETFs by allowing direct exposure to Bitcoin itself, rather than futures contracts. 

Managed by firms that issue shares of their Bitcoin holdings, these ETFs provide a bridge for traditional investors to enter the cryptocurrency space by purchasing shares on conventional stock exchanges, bypassing the need to directly hold or manage the cryptocurrency. 

Another reason why Bitcoin prices are rallying is related to the upcoming halving event. A Bitcoin halving is an event where the reward for mining Bitcoin transactions is cut by 50%, happening roughly every four years. 

This mechanism progressively decreases the speed at which new bitcoins are created and introduced into the market, aiming to halt the production of new bitcoins by around the year 2140.

“Historically, Bitcoin halving events, which occur approximately every four years, have led to an increase in price,” Yuya Takemura, Founder of Axys Holding, told

“The next halving in 2024 may follow this trend, possibly causing a significant price increase in 2025.”

Speaking about other factors that are helping Bitcoin price to rally, Takemura also highlighted “increased participation by Generation Z, and the adoption of blockchain technology by governments and major financial institutions.”

While Takemura acknowledges recent analyst projections that Bitcoin price could , he also warned about “market’s volatility and susceptibility to global economic conditions.”

Bitcoin price outlook recently wrote about JMP Securities saying Bitcoin price could hit over the next three years as ETF inflows accelerate. 

“We estimate that after ~$10B in flows to date, two months into launch, flows will actually continue to grow materially from here over the next few years as the ETF approval is just the beginning of a longer process of capital allocation,” said JMP. 

Today, British brokerage firm Standard Chartered (OTC:) came out with its own forecast. According to their analysts, the $150,000 level “now looks likely.” Hence, the bank raised its price target on Bitcoin to $150,000 from $100,000 to reflect “the more rapid pass-through from ETF inflows to the BTC price to date.”

Moreover, Standard Chartered analysts see the ongoing Bitcoin price rally continuing. 

“USD 200,000 is the ‘correct’ end-2025 price level for BTC, in line with our previous price estimate, and that it is likely to be the new midpoint for a sideways trading range at that time.”

“It also suggests that an overshoot to USD 250,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.”

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