Digital Assets: The Crypto Spring Is Here And Bitcoin Could Touch $100K (Standard Chartered)

November 29, 2023 | Digital Assets, News

“We now expect more price upside to materialise before the halving than we previously did, specifically via the earlier-than-expected introduction of the US spot ETFs.” – Standard Chartered

Standard Chartered has reiterated its prediction that Bitcoin will surge to $100,000 by the end of 2024, attributing this potential rise to the upcoming Bitcoin halving event in 2024. The bank’s earlier forecast in April, signaling the end of the crypto winter, highlighted factors such as the banking sector turmoil in March, which reaffirmed Bitcoin’s role as a decentralized scarce digital asset.

The recent statements from Standard Chartered emphasize the potential approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) as a key catalyst for the anticipated price surge. The bank’s team, led by Geoff Kendrick, the head of crypto strategy and emerging markets FX, anticipates that these approvals may happen sooner than expected, with several spot ETFs for both BTC and ETH potentially approved in Q1 2024. (Forbes India)

Moreover, Standard Chartered sees the Bitcoin halving event in 2024 as another factor supporting the surge, citing historical patterns of previous halvings leading to crypto bull runs. The bank’s prediction aligns with Bitcoin’s impressive 130 percent surge in 2023, reinforcing their confidence in the anticipated trajectory.

The bank suggests bitcoin could scale the $100,000 mark before the end of the year, stating that the earlier-than-expected introduction of US spot ETFs could contribute to this outcome.

Furthermore, Standard Chartered notes that BTC’s dominance in the digital assets market has increased, reaching 50 percent from 45 percent in April, thereby supporting their positive outlook.

Related Story:  If Approved, A Spot Bitcoin ETF Could Suck In $70B (Glassnode)

Image by Gordon Johnson from Pixabay

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