Standard Chartered Bank has raised its bitcoin price prediction target to $150,000 from its previous estimate of $100,000.

The new target comes from continued strong inflows in recently launched spot bitcoin exchange-traded funds in the United States and, as a result, bitcoin's positive price action, among other factors. "For 2024, given the sharper-than-expected price gains year-to-date, we now see potential for the BTC price to reach the $150,000 level by year-end, up from our previous estimate of $100,000," Standard Chartered Bank analysts led by Geoffrey Kendrick wrote in a report on Monday.

Spot bitcoin ETF inflows are outpacing bitcoin derivatives' open interest growth, the analysts said. "This means that while open interest measures are approaching stretched (2021) levels, …