Standard Chartered Bank has reiterated its prediction that Bitcoin (BTC) will reach $100,000 by the end of 2024. The bank’s Geoff Kendrick and team expect that the approvals of several U.S.-based spot Bitcoin ETFs will be the next catalyst for price growth. They believe that these ETFs will be approved in Q1-2024 for both BTC and ETH, paving the way for institutional investment. According to the bank, the next Bitcoin halving, which is expected to take place in late April 2024, will also be another source of price upside.
Standard Chartered initially made its $100,000 prediction in April, arguing that the cryptocurrency had benefited from its status as a branded safe haven. The bank stated that BTC’s dominance remains intact, with its share of the overall digital assets market cap increasing to 50% from 45% in April.
The bank also notes that there is a chance that BTC will climb to the $100,000 mark before the end of the year. They now expect more price upside to materialize before the halving than they previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs. This suggests a risk that the $100,000 level could be reached before the end of 2024.
Overall, Standard Chartered Bank remains confident in its prediction that Bitcoin will reach $100,000 by the end of 2024. The bank believes that the approvals of several U.S.-based spot Bitcoin ETFs and the next Bitcoin halving will be the main drivers of price growth.