British multinational bank Standard Chartered has reiterated that Bitcoin is well on track to reach the $100,000 level by next year as the top cryptocurrency broke above $38,000 on Nov. 29.
StanChart Still Sees BTC At $100K In 2024
Standard Chartered has doubled down on its previous bullish call that the Bitcoin price would reach $100,000 in 2024. The bank says that the approvals of multiple U.S.-based spot exchange-traded funds (ETF) will be the catalyst.
“We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs,” the global head of research and chief strategist at Standard Chartered Geoff Kendrick wrote in a report.
According to the bank, crypto spring has begun and the spot ETF approvals are likely to come sooner than expected. “This suggests a risk that the $100,000 level could be reached before end-2024.”
A number of traditional finance giants, including BlackRock, Fidelity, and Franklin Templeton, have applied to the U.S. Securities and Exchange Commission for their own spot Bitcoin ETF — the sort of easy-to-trade investment vehicle that could drastically broaden access to crypto to average investors.
The halving Standard Chartered analysts are referring to is a significant event in Bitcoin’s timeline that occurs roughly every four years and reduces the block rewards for miners by 50%, affecting the top currency’s supply and, potentially, its price.
Standard Chartered made its first bullish prediction back in April, predicting that Bitcoin would hit $100,000 by the end of 2024. At the time, the bank argued that the world’s largest cryptocurrency had “benefited from its status as a branded safe haven, a perceived relative store of value and a means of remittance”.
Bitcoin has gained over 100% since the start of the year. It rose above $38,000 Wednesday. It was trading for $38,220,15 at press time, up 3.1% in the past 24 hours. Meanwhile, Standard Chartered puts its year-end target for BTC at $50,000.
