An earlier-than-expected spot bitcoin ETF in the U.S. could be the key catalyst, said the bank.
Things are going as expected, according to Standard Chartered Bank, reiterating its April forecast that bitcoin (BTC) would reach $100,000 by the end of 2024.
The next catalyst, wrote the bank’s Geoff Kendrick and team, will be the approvals of several U.S.-based spot bitcoin ETFs, which they expect “are likely to come sooner than expected.”
“We think a number of spot ETFs will now be approved in Q1-2024 for both BTC and ETH, paving the way for institutional investment,” they said.
Standard Chartered initially made its $100,000 prediction in April, arguing then that the cryptocurrency had benefited from its status as a branded safe haven.
“Put simply, everything is working as expected,” said the bank in its reiteration today. “BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50% from 45% in April.”
There is also a chance that the cryptocurrency will climb to the $100,000 mark before the end of the year, the bank said. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs. This suggests a risk that the USD 100,000 level could be reached before end-2024.”
Link: https://www.coindesk.com/markets/2023/11/28/bitcoin-remains-on-track-for-100k-by-year-end-2024-standard-chartered/?utm_source=pocket_saves
Source: https://www.coindesk.com
