Bitcoin

Buckle up for a Bitcoin Boom: Standard Chartered Predicts 165% Price Surge by 2024!

Bitcoin (BTC) Could Reach $100,000 in One Year, Says Standard Chartered

According to a research note by Standard Chartered, Bitcoin (BTC) has the potential to reach $100,000 within a year due to the earlier than expected launch of exchange-traded funds (ETFs). The banking giant has doubled down on its bullish BTC price targets and stands by its previous prediction that Bitcoin will trade at six figures by the end of 2024.

The introduction of US spot price ETFs could cause BTC/USD to nearly triple from its current value of $37,700 in the next 12 months. Geoff Kenrick, Standard Chartered’s head of EM FX Research, West and Crypto Research, stated, “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs. This suggests a risk that the $100,000 level could be reached before end-2024.”

This forecast aligns with Standard Chartered’s optimistic outlook on Bitcoin’s future growth. In July, the bank highlighted the declining availability of BTC supply as a reason to believe in higher prices. Kenrick predicted that Bitcoin could reach $50,000 by the end of 2023, citing increased miner profitability and the upcoming block subsidy halving as factors contributing to price appreciation.

The spotlight is currently on the ETF narrative as derivatives premiums rise and speculation grows about potential approval in January. Market sentiment has been sensitive to related news, with Bitcoin experiencing rapid gains in anticipation of a possible approval from US regulators. However, concerns remain about large-volume investors selling off once the greenlight is given, potentially leading to a “buy the rumor, sell the news” event.

It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.

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