Standard Chartered Extends Bullish Forecast: Bitcoin and Ether Poised for Significant Surge by 2024

Standard Chartered predicts a resurgence in Bitcoin and Ether prices, forecasting $150,000 and $8,000 respectively by 2024. This optimistic outlook stems from the belief that negative market news has been priced in, and structural drivers such as market clean-up and potential ETF advancements will fuel price gains. Despite challenges, the bank anticipates the recent halving and easing of Middle East tensions to pave the way for medium-term investment opportunities.

Standard Chartered's Resounding Forecast: Bitcoin to Soar to $150,000, Ether to Reach $8,000 by 2024

In the midst of market volatility, Standard Chartered's chief cryptocurrency analyst, Geoffrey Kendrick, has made a bold forecast that defies recent market downturns. By the end of 2024, Kendrick predicts a substantial surge in the value of both Bitcoin and Ether, projecting they will reach $150,000 and $8,000 per coin, respectively.

Kendrick's bullish outlook stems from his conviction that the market has already absorbed the negative news that has weighed on cryptocurrencies, paving the way for a recovery driven by favorable structural factors. He highlights the recent market "clean-up," which saw the liquidation of $261 million in leveraged long positions in Bitcoin futures alone, as a positive sign.

"We think the bad news is already priced in for BTC and ETH," Kendrick opined, "and that positive structural drivers will take over again as negative drivers fade."

This market clarification, combined with the halving of Bitcoin's issuance rate, has significantly eased supply pressure. Kendrick also anticipates that new Bitcoin ETFs will bolster the cryptocurrency's value.

However, Standard Chartered acknowledges the challenges that lie ahead, including geopolitical tensions, regulatory scrutiny of DeFi platforms, and rising U.S. Treasury yields. The bank's revised projections for Ether ETF approvals also underscore the intricate landscape within which cryptocurrencies operate.

Despite these obstacles, Kendrick maintains that the easing of Middle East tensions and the improving global ETF outlook present an opportunity to re-engage in medium-term long positions.

Key Factors Supporting the Forecast

• Market Clean-up: The liquidation of leveraged long positions has removed a significant overhang from the market.
• Halving of Bitcoin Issuance: The reduction in Bitcoin's supply growth rate has eased supply pressure.
• New Bitcoin ETFs: Anticipated ETF approvals could increase demand and drive up prices.
• Improving Global ETF Backdrop: Positive developments in the UK and Hong Kong ETF markets are expected to contribute to growth.
• Easing of Middle East Tensions: Reduced geopolitical uncertainty could remove a damper on investor sentiment.

Challenges and Opportunities Ahead

• Geopolitical Tensions: Ongoing conflicts and international tensions could impact market sentiment.
• Regulatory Scrutiny: Increased regulation of DeFi platforms and other crypto-related entities could dampen growth.
• Rising U.S. Treasury Yields: Higher interest rates could make it more attractive for investors to hold traditional assets.
• Delayed Ether ETF Approvals: The SEC's slow pace in approving Ether ETFs could hinder the cryptocurrency's growth potential.

Conclusion

Standard Chartered's bullish forecast for Bitcoin and Ether reflects a belief that the market has weathered the recent storm and is poised for significant growth. While challenges remain, the bank emphasizes the favorable structural factors that are expected to drive prices higher in the medium to long term.

Investors should exercise due diligence before making any investment decisions and carefully consider the risks and potential rewards associated with cryptocurrency investments.