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<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-to-hit-100k-in-2024-predicts-standard-chartered-decoding-the-possibilities/">Bitcoin Price To Hit $100K in 2024: Predicts Standard Chartered; Decoding the Possibilities</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a recent forecast, Standard Chartered, a major British multinational bank, has projected that Bitcoin will reach a value of $100,000 by the end of 2024. This optimistic prediction comes as the bank observes what it describes as the onset of a “crypto spring,” indicating a significant resurgence in the cryptocurrency market.</p> 
<h2 class="wp-block-heading" id="h-key-drivers-behind-the-optimistic-forecast"><strong>Key Drivers Behind the Optimistic Forecast</strong></h2> 
<p>The bank’s confidence in this forecast stems from a series of developments unfolding since early this year. In a report by Geoff Kendrick, head of emerging markets FX and crypto strategy at Standard Chartered, the bank highlighted the turmoil in the banking sector in March as a pivotal moment that reaffirmed Bitcoin’s status as a decentralized and scarce digital asset.</p> 
<p>A key factor in this bullish outlook is the anticipated approval of several U.S.-based Spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). The Standard Chartered team, including Kendrick, believes that these approvals, expected to arrive sooner than initially anticipated, will open the doors for substantial institutional investment in the first quarter of 2024.</p> 
<h2 class="wp-block-heading" id="h-the-impact-of-the-upcoming-bitcoin-halving"><strong>The Impact of the Upcoming Bitcoin Halving</strong></h2> 
<p>The upcoming Bitcoin halving event, scheduled for late April 2024, is also a significant catalyst for further price increases. This event, which occurs approximately every four years, reduces the rewards for mining new bitcoins by half, slowing down the new Bitcoin creation rate. Historically, Bitcoin halvings have been followed by bull runs in the cryptocurrency market, a pattern the bank expects to continue.</p> 
<p>Standard Chartered’s prediction is not without precedent. The bank accurately forecasted a 130% price spike in Bitcoin for 2023, a milestone already achieved. Bitcoin dominates the digital asset market, with its market share increasing from 45% in April to 50%.</p> 
<h2 class="wp-block-heading" id="h-a-bright-future-ahead-for-bitcoin"><strong>A Bright Future Ahead for Bitcoin</strong></h2> 
<p>Looking ahead, the bank is optimistic that the price of Bitcoin will not only reach but possibly exceed $100,000 before the end of 2024. This expectation is bolstered by the potential early introduction of U.S. spot ETFs, which could accelerate investment and interest in Bitcoin ahead of the halving event.</p> 
<p>As the cryptocurrency landscape continues to evolve, Standard Chartered’s forecast highlights the growing mainstream acceptance and institutional interest in digital assets, signaling a potentially transformative period for Bitcoin and the broader cryptocurrency market.</p>

Bitcoin Price To Hit $100K in 2024: Predicts Standard Chartered; Decoding the Possibilities

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