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In the midst of recent price corrections, Bitcoin has stood out in 2024 with remarkable performance. Fueled by anticipation surrounding 11 approved Spot Bitcoin ETFs, the cryptocurrency reached an all-time high this year, hitting a peak of $73,000, with many investors anticipating further upward movement.




Standard Chartered Bank has revised its prediction for Bitcoin (BTC) upward, now forecasting it to reach $150,000 by the close of 2024, marking a significant increase from its previous projection of $100,000 issued in November of the prior year. Additionally, the bank anticipates continued growth into 2025. In a recent investor note, Standard Chartered analysts, led by Geoffrey Kendrick, highlighted the updated forecast, projecting even higher potential for BTC to hit $250,000 in 2025. They emphasized the likelihood of breaching the $200,000 milestone during the course of the year.




The bank’s analysts draw parallels to gold, suggesting that Bitcoin’s trajectory mirrors that of the precious metal after the approval of gold ETFs in the US, and the subsequent portfolio optimization involved in balancing gold and bitcoin investments. Based on this analogy, the analysts suggest an optimal portfolio allocation of 80% gold and 20% Bitcoin. They explain that to maintain this balance, assuming gold prices remain constant, Bitcoin would need to surge to $190,000.



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