Standard Chartered: Bitcoin is still on track to reach $100,000 by the end of 2024

Author: Lyllah Ledesma, coindesk Translation: Shanoba, Golden Finance

Standard Chartered Bank said things were going as expected, reiterating its April forecast that Bitcoin (BTC) would reach $100,000 by the end of 2024.

The bank’s Geoff Kendrick and team wrote that the next catalyst will be the approval of several U.S. spot bitcoin ETFs, possibly sooner than expected. We believe that a number of BTC and ETH spot ETFs will be approved in the first quarter of 2024, paving the way for institutional investment.

The team also reminded that the next Bitcoin “halving” (a supply-limiting mechanism that is currently expected to occur in late April 2024) will be another factor in the price increase.

Standard Chartered initially made a $100,000 forecast in April, arguing at the time that cryptocurrencies benefited from their status as a branded safe-haven asset. “In simple terms, everything is working as expected,” the bank said in today’s reiteration. "BTC’s dominance remains intact – its share of the overall digital asset market cap increased to 50% from 45% in April. The bank also said that it is possible that bitcoin will climb to $100,000 by the end of the year. "We now anticipate that more price increases are more likely than before before the halving, specifically through the early introduction of US spot ETFs. This suggests that there is some risk that the $100,000 level could be reached by the end of 2024. ”

Source: Golden Finance