Standard Chartered says Bitcoin (BTC) could hit $100,000 within a year as an exchange-traded fund (ETF) launches “earlier than expected.”
In a research report released on November 28 lead According to sources including Business Insider, the banking giant has doubled down on its bullish BTC price target.
Standard Chartered Bank Still Expects Bitcoin Prices to Hit Six Figures
Standard Chartered’s latest predictions conclude that Bitcoin will trade at six-figure prices by the end of 2024.
BTC/USD has the ability to nearly triple from its current level of $37,700 over the next 12 months due to the potential approval of a Bitcoin spot price ETF in the United States.
Geoff Kenrick, Head of Emerging Markets FX Research, Western and Crypto Research at Standard Chartered Bank, wrote: “We now expect greater price gains than previously achieved in the run-up to the halving, particularly through the U.S. The launch of spot ETFs is earlier than expected.”
“This points to the risk of reaching the $100,000 level by the end of 2024.”
The figure continues the consumer banking giant’s optimistic vision for Bitcoin’s growth in the coming years.
In July, researchers cited declining BTC supply as reason for an imminent price increase. Specifically, Kenrick said at the time that $50,000 was expected to be raised by the end of 2023.
He also suggested that as computing power increases and the upcoming block subsidy reduces the BTC earned per block by 50%, miners will start hoarding more of their own BTC shares.
He concluded: “The increased profitability of miners per BTC mined means they can sell less while maintaining cash inflows, reducing the net supply of BTC and driving up the price of BTC.”
Spot Bitcoin ETFs: Counting Down the Weeks
The topic of ETFs has been firmly in the spotlight this month as derivatives premiums have soared and buzz continues around possible approval in January.
Related: Spot Bitcoin ETFs: Why This Time Is Different
Bitcoin’s price trajectory is sensitive to relevant news. In early November, the market rose rapidly Overexpecting what might happen Agree from U.S. regulators ahead of the January window.
At the same time, there are lingering concerns about a large number of investors selling once the green light comes out – this will constitute a “buy the rumor, sell the news” event, which may cause latecomers to suffer losses.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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