Bitcoin (BTCUSD) has been consolidating in a narrow range around $98,010 after reaching a new high of $98,370. Analysts at Standard Chartered predict that Bitcoin could reach $125,000 by the end of 2024 and $200,000 by the end of 2025, driven by strong market momentum and bullish sentiment. Institutional interest and positive regulatory changes have fueled the rise, with over $4 billion flowing into Bitcoin ETFs since Donald Trump’s election. Whale activity has also been increasing, with large holders acquiring over 40,000 BTC in 96 hours, a sign of confidence in the cryptocurrency’s future price movements. Additionally, Bitcoin ETFs have seen significant inflows, with US-listed ETFs attracting over $1.1 billion in net inflows. Technical analysis suggests that BTCUSD is trading above short-term and long-term moving averages, with support levels at $95,500 and a potential target of $135,000 if it breaks above $100,000. A bullish scenario could involve buying on dips around $90,000 with a stop-loss set at $84,000 for a target price of $135,000.
Standard Chartered Forecasts Bitcoin May Reach $200,000 by 2025.
by newsworm | Nov 25, 2024 | Banking, Standard Chartered