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<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-poised-to-hit-150k-says-standard-chartered-heres-the-reason-why/">Bitcoin Poised To Hit $150K Says Standard Chartered, Here’s The Reason Why&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin’s recent boom has caught the attention of investors, with top banking firm Standard Chartered predicting a major milestone for the cryptocurrency giant The speculation is rife as the bank identifies three major factors that could push Bitcoin’s <a href="https://coinpedia.org/news/standard-chartereds-bold-bitcoin-and-ethereum-price-prediction-a-look-towards-2025/">price to $150,000</a> a year by 2024 end of the year.</p> 
<h2 class="wp-block-heading" id="h-key-factor-behind-bitcoin-surge">Key Factor Behind Bitcoin Surge</h2> 
<p>In a recent study, Standard Chartered identified three key factors that could contribute to Bitcoin’s impressive rise.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-halving-event">Bitcoin Halving Event</h2> 
<p>Firstly, the upcoming Bitcoin <a href="https://coinpedia.org/price-analysis/bitcoin-price-surges-above-70000-level-is-new-ath-on-cards-before-march-end/">Halving event is expected</a> to play a key role in the Bitcoin price surge. Historically, <a href="https://coinpedia.org/beginners-guide/what-is-bitcoin-halving/">Bitcoin Halving</a> has caused prices to rise sharply, while the availability of new Bitcoins declines as block rewards decrease.</p> 
<p>Perhaps, the next Halving is scheduled to take place over the next 24 days, raising investor expectations about the potential impact on bitcoin prices.</p> 
<h3 class="wp-block-heading" id="h-institutional-endorsement">Institutional Endorsement</h3> 
<p>Secondly, Standard Chartered has highlighted the growing interest of institutions in Bitcoin. The number of organizations adopting <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin</a> continues to grow, and major players are allocating funds to cryptocurrency assets as part of their investment strategy.</p> 
<p>This institutional support gives Bitcoin more credibility as a legitimate asset class and increases confidence in its prospects.</p> 
<h3 class="wp-block-heading" id="h-inflows-into-bitcoin-etfs">Inflows into Bitcoin ETFs</h3> 
<p>Lastly, spot <a href="https://markets.coinpedia.org/bitcoin-etf/">bitcoin ETF </a>trends are expected to drive up bitcoin prices. These ETFs have become increasingly popular among investors seeking exposure to bitcoin price movements without direct ownership of the underlying assets.</p> 
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   <p lang="en" dir="ltr">Bitcoin ETF Flow – 25 March 2024<br><br>All data in. Net inflow day after outflows last week <a href="https://t.co/Zk3EQE3Hws">pic.twitter.com/Zk3EQE3Hws</a></p>— BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1772521628015956435?ref_src=twsrc%5Etfw">March 26, 2024</a>
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<p>Recent data from BitMEX revealed a huge influx in spot bitcoin ETF products, with Fidelity Bitcoin Fund (FBTC) leading the pack with inflows of $261.8 million.</p> 
<p>Other notable participants included BlackRock IBIT, which attracted $35.5 million in funding, highlighting the various institutional players entering the Bitcoin market.</p> 
<h2 class="wp-block-heading" id="h-technical-analysis-nbsp">Technical Analysis&nbsp;</h2> 
<p>Meanwhile, renowned chartist Ali Martinez has highlighted a bullish pattern for Bitcoin, predicting that it could rise to $71,800 in the near term.</p> 
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   <p lang="en" dir="ltr">It appears that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is breaking out of an ascending triangle on the lower time frames, which could see <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> rise toward $71,800 as long as the $70,400 support holds. <a href="https://t.co/CQUyrc9vkv">pic.twitter.com/CQUyrc9vkv</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1772520890774745473?ref_src=twsrc%5Etfw">March 26, 2024</a>
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<p>However, maintaining support above the $70,400 level will be crucial for Bitcoin to see this upward trend, highlighting the importance of maintaining key support levels in the coming days. Currently, Bitcoin is valued at $70,093, experiencing a slight decline over the past 24 hours.</p>

Bitcoin Poised To Hit $150K Says Standard Chartered, Here’s The Reason Why

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