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HomeBitcoinStandard Chartered Calls $150,000 Bitcoin (BTC) Price. Here's Why

Standard Chartered Calls $150,000 Bitcoin (BTC) Price. Here’s Why

Standard Chartered, a leading financial institution, has significantly revised its Bitcoin price prediction for 2024.

In a recent analysis, the bank projected Bitcoin to reach $150,000 by year-end, reflecting a 50% increase from their previous estimate of $100,000. This bullish outlook relies on three key factors: the upcoming Bitcoin halving, growing institutional adoption through spot Bitcoin exchange-traded funds (ETFs), and increasing interest from reserve managers.

Whale Alert

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Bitcoin Halving and Potential Price Impact

The Bitcoin halving event, scheduled to occur within the next month, is expected to be a significant driver of price growth. This pre-programmed mechanism in Bitcoin’s code reduces the block reward for miners by half, effectively limiting the new supply of Bitcoins entering circulation.

Historically, halving events have coincided with periods of price appreciation for Bitcoin. The upcoming halving will decrease the miner reward from 6.25 BTC to 3.125 BTC, potentially leading to a supply squeeze and increased demand.

Institutional Investors Embrace Bitcoin via Spot ETFs

The emergence of spot Bitcoin ETFs has become another crucial factor influencing Standard Chartered’s revised price target. These investment vehicles allow institutional investors to gain exposure to Bitcoin’s price movements without the complexities of directly holding the cryptocurrency.

Data from BitMEX indicates a renewed inflow of capital into spot Bitcoin ETFs, following a brief period of outflows. This trend signifies growing confidence among institutional investors who increasingly view Bitcoin as a viable asset class.

Fidelity’s Bitcoin fund (FBTC) has been at the forefront of this institutional embrace, attracting a significant inflow of $261.8 million. BlackRock’s IBIT ETF also witnessed notable investment activity, garnering $35.5 million. While other spot Bitcoin ETFs experienced varying levels of inflows and outflows, the overall trend suggests a growing appetite for Bitcoin exposure among institutional players.

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Analyst Predicts Near-Term Price Movement

Aside from Standard Chartered’s year-end target, technical analyst Ali Martinez has offered a shorter-term price prediction for Bitcoin. Based on chart analysis, Martinez believes Bitcoin is poised for a breakout from an ascending triangle pattern.


This technical indicator suggests a potential price movement towards $71,800. However, Martinez emphasizes the importance of Bitcoin maintaining the $70,400 support level to sustain this upward momentum.

Standard Chartered’s revised Bitcoin price target reflects a confluence of factors, including the upcoming halving, rising institutional adoption through spot ETFs, and growing interest from reserve managers. While the long-term trajectory of Bitcoin remains uncertain, these developments suggest a potentially bullish outlook for the world’s leading cryptocurrency.

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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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