United

Bitcoin

Strong

Standard

Standard Chartered has made a bold prediction that Bitcoin could surge to $100,000 within the next year, driven by the potential launch of exchange-traded funds (ETFs) sooner than expected. 
In a research note released on November 28, the banking giant reaffirmed its optimistic price targets for Bitcoin. 
The report suggests that Bitcoin may reach a six-figure price tag by the end of 2024, a significant jump from its current trading value of $37,700. 
This bullish outlook is primarily based on the possible approval of Bitcoin spot price ETFs in the United States. 
Geoff Kenrick, Head of EM FX Research, West, and Crypto Research at Standard Chartered, stated, “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs.” 
This development raises the prospect of Bitcoin reaching the $100,000 mark before the end of 2024. 
Standard Chartered’s positive stance on Bitcoin’s future performance builds upon its earlier optimistic outlook. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/bitcoin-holds-strong-at-38000-amid-speculation-of-price-surges-and-feds-powell-speech/">Bitcoin Holds Strong at $38,000 Amid Speculation of Price Surges and Fed’s Powell Speech</a> 
In July, the bank pointed to the decreasing availability of Bitcoin supply as a factor that could drive prices significantly higher. At that time, Kenrick predicted that Bitcoin could hit $50,000 by the end of 2023. 
Additionally, he noted that miners might start hoarding more of their Bitcoin stocks due to an increasing hash rate and the upcoming block subsidy halving, which will reduce the amount of Bitcoin earned per block by 50%. 
This increased profitability for miners would lead to reduced net Bitcoin supply, pushing prices even higher. 
The spotlight is currently on the ETF narrative, with derivatives premiums rising and growing anticipation of a potential ETF approval in January. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full is-resized">
 <a href="https://imperium-comms.com/crypto-promo/"><img loading="lazy" decoding="async" width="336" height="280" src="https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280.png" alt="" class="wp-image-8665" srcset="https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280.png 336w, https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280-300x250.png 300w" sizes="(max-width: 336px) 100vw, 336px"></a>
 </figure>
</div> 
Bitcoin’s price trajectory has been highly responsive to news related to ETFs, with rapid gains in November as investors anticipated regulatory approval before the January window. 
However, there are concerns about large-volume investors selling off their holdings once the green light is given, potentially leading to a “buy the rumor, sell the news” scenario. 
This situation could result in losses for latecomers to the market. Nonetheless, Standard Chartered remains confident in Bitcoin’s ability to reach new price milestones, especially if ETFs become a reality sooner than expected. 
<a href="https://www.cryptointelligence.co.uk/crypto-intelligence-blockchain-council/">Discover the Crypto Intelligence Blockchain Council</a>

Standard Chartered Predicts Bitcoin Price to Soar to $100,000

Crypto Intelligence

2023년 11월 30일에 게재된 다른 기사

Why Is BitMEX Accumulating Bitcoin Using A ‘Mysterious’ Wallet Address?

SEC Chairman Gensler’s Post Sparks Curiosity: Approval for Spot Bitcoin ETF May Be Coming!

Analyst backs Cardano amid ongoing bullish momentum for Bitcoin and Everlodge

Moonbeam Network Partners With DUX, Grupo RÃO to Launch Brazil’s Largest Web3 Loyalty Program (30...

Decoding December Predictions for MultiversX (EGLD) and KAVA Coin: A Market Analysis

UK Fashion Giant New Look Embraces Blockchain for Sustainability

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!