Bitcoin is likely to rally to $150,000 this year and could possibly rocket as high as $250,000 in 2025, CNBC reports, citing Standard Chartered research.

The investment bank’s Head of Digital Assets Geoff Kendrick, in a client note Monday, attributed his bullishness to the exhilaration around the bitcoin exchange-traded funds and the rise in gold prices. Gold has tended to move in tandem with crypto.

“We raise our long-term price estimate to the USD 150,000 level from USD 100,000 given the more rapid pass-through from ETF inflows to the BTC Price to date,” the Standard Chartered note said.

According to Coin Metrics, if bitcoin reaches $150,000, it would be more than double its nearly $74,000 record high. Monday, the cryptocurrency was trading at $68,000.

The new bitcoin ETFs have reeled in billions since their January launch; the iShares Bitcoin Trust alone has pulled in more than $12 billion, according to FactSet.

As an asset class, ETFs are projected to take in $75 billion in inflows this year.

“This suggests to us that USD 200,000 is the ‘correct’ end-2025 price level for BTC, in line with our previous price estimate and that it is likely to be the new midpoint for a sideways trading range at that time,” the Standard Chartered analysts wrote.

“It also suggests that an overshoot to USD 250,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.”

Crypto analysts believe that the bitcoin ETFs could become a long-term, consistent source of demand for bitcoin, helping attract more investors to the sector.