Bitcoin ETF Projected to Surge 165% by 2024, Standard Chartered Predicts

• Standard Chartered Forecasts Significant Rise in Bitcoin Due to Spot Bitcoin ETF
• Spot Bitcoin ETF Under Review by the SEC
• Spot Bitcoin ETF Approval to Bring Substantial 2024 Gains
• Standard Chartered's Bitcoin Prediction
• The Upcoming Bitcoin Halving

Standard Chartered Forecasts Significant Rise in Bitcoin Due to Spot Bitcoin ETF

Standard Chartered, an international banking group, recently projected that Bitcoin$42,260 -0.64% could hit a staggering $100,000 by next year. Furthermore, the group foresees that the potential introduction of a Spot Bitcoin Exchange Traded Fund (ETF) could propel the digital asset's value by 165% in 2024.

Spot Bitcoin ETF Under Review by the SEC

The United States Securities and Exchange Commission (SEC) is currently examining more than a dozen applications for a spot Bitcoin ETF. Should one of these applications be approved, it would be a pioneering move in the United States. This could give Bitcoin a significant boost, paving the way for it to potentially meet Standard Chartered's ambitious forecasts for the upcoming year.

Spot Bitcoin ETF Approval to Bring Substantial 2024 Gains

The digital asset sector has been abuzz throughout this year with speculation over the possible approval of a spot Bitcoin ETF. Prominent asset management firms, such as BlackRock and Fidelity, have sought approval, sparking intense anticipation for how the digital asset would perform should the approval come through. According to Standard Chartered, such approval could lead to a 165% increase in Bitcoin's value by 2024.

Standard Chartered's Bitcoin Prediction

Alongside their ETF approval prediction, Standard Chartered projected a $100,000 Bitcoin price by the end of next year. This claim, initially made in April, has been reiterated by the bank. Moreover, it appears that the potential Spot Bitcoin ETF is a significant factor in this prediction. The bank has also declared the beginning of a crypto spring, calling it the end of the crypto winter.

The Upcoming Bitcoin Halving

Standard Chartered noted the upcoming Bitcoin halving event set to take place next year, coinciding with the potential ETF. This mix of events could set the stage for substantial gains for the digital asset. Geoff Kendrick, the bank's head of EM FX 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 USD 100,000 level could be reached before the end of 2024.

Edited by Jonathan Stoker