Standard Chartered Predicts $100K Bitcoin Value by 2024 End

• Bitcoin Predicted to Reach $100,000 by End of 2024, Standard Chartered Bank Forecasts
• Earlier Than Expected Approval of Spot Bitcoin ETFs
• Next Bitcoin 'Halving' to Influence Price Surge
• Bitcoin as a Branded Safe Haven
• Potential Early Reach of $100,000 Mark

Bitcoin Predicted to Reach $100,000 by End of 2024, Standard Chartered Bank Forecasts

Standard Chartered Bank maintains its previous forecast from April suggesting that bitcoin (BTC) is on the track to reach $100,000 by the culmination of 2024. Geoff Kendrick and the team at the bank have indicated that the next significant boost will be due to the anticipated approval of several U.S.-based spot bitcoin ETFs.

Earlier Than Expected Approval of Spot Bitcoin ETFs

The team expects the approval for a number of spot ETFs for both BTC and ETH will come sooner than anticipated, specifically in the first quarter of 2024. This would provide a solid foundation for institutional investment, according to the team.

Next Bitcoin 'Halving' to Influence Price Surge

They also identified the forthcoming Bitcoin$42,260 -0.64% 'halving' as another influential factor for potential price increase. This mechanism, designed to control supply, is expected to occur in late April 2024.

Bitcoin as a Branded Safe Haven

Standard Chartered first made its $100,000 prediction in April, suggesting that the cryptocurrency had seen substantial benefits due to its classification as a safe haven. As per the bank's statement, BTC's dominance is unscathed and its share of the entire digital assets market cap has risen from 45% in April to 50% currently.

Potential Early Reach of $100,000 Mark

The bank also recognises the potential for the cryptocurrency to achieve the $100,000 mark even before the end of 2024. The earlier than anticipated introduction of U.S. spot ETFs implies a higher likelihood of more price upside materialising prior to the halving.

Edited by Jonathan Stoker