British banking giant Standard Chartered is convinced that the price of Bitcoin could be on track to hit $250,000
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Exceptionally strong demand for Bitcoin ETFs has been the main bullish narrative behind the most recent rally that has managed to propel the Bitcoin price to a recent all-time high of $73,737. According to prominent ETF analyst Eric Balchunas, BlackRock and Fidelity's Bitcoin ETFs have made it to the top five ETFs by yearly inflows.At the same time, the bank does not rule out the possible approval of a spot-based Ethereum ETF later this spring. If the SEC greenlights such a product, the largest alternative cryptocurrency could nearly double its price by the end of the year.
According to CoinGecko data, Ethereum is currently trading slightly below the $3,500 level after shedding 3.7% over the past 24 hours., Standard Chartered predicted that Ether could reclaim the $4,000 level if the SEC were to approve a spot ETF. However, the altcoin managed to surge above this level earlier this March even without this catalyst.
It is worth noting that the bank also believes that the price of the main Bitcoin competitor could skyrocket to a whopping $14,000 next year.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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