Bitcoin - Standard Chartered Anticipates $100,000 soon

Everything is going as planned for Standard Chartered Bank, which has reiterated its April prediction that bitcoin will reach $100,000 by the end of 2024.

Bitcoin – 100 Grand

The next catalyst will be the approval of several U.S.-based bitcoin spot ETFs. These ETFs are expected to “arrive sooner than expected” according to analysts from the American bank.

“We believe that a number of ETFs will be approved in the first quarter of 2024 for BTC, paving the way for institutional investment,” they said.

Alongside this anticipation regarding the SEC, Standard Chartered Bank also notes that the next “halving” will be another source of price increase.

As a reminder, the halving means that the issuance of bitcoins will be halved starting from April 2024. The monetary inflation rate of bitcoin will then officially become twice less than that of gold.

For Standard Chartered, this alignment of the stars should allow bitcoin to reach $100,000 as early as April.

“BTC’s dominance remains intact. Its global market share of digital assets has increased from 45% in April to 50%,” the note reads.

It is also possible that bitcoin could reach the $100,000 mark before the end of the year:

“We expect that the rise will mainly materialize before the halving, especially through the earlier than expected introduction of ETFs. This suggests a risk that the $100,000 level could be reached before the end of 2024, as previously anticipated.”

Hold!