Standard Chartered Maintains Bullish BTC Outlook, Anticipates $100K by Year-End 2024

Standard Chartered Maintains Bullish BTC Outlook, Anticipates $100K by Year-End 2024
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Key Insights

  • Standard Chartered Bank predicts that Bitcoin will reach $100,000 by the end of 2024.
  • The bank cites several factors including the incoming spot BTC ETFs, halving, and Bitcoin's continued dominance.
  • Standard Chartered expects the SEC to approve several spot Bitcoin ETFs as early as Q1 2024.
  • The bank believes that the BTC halving in April 2024 will reduce supply and drive up prices.
  • Bitcoin has maintained its market dominance of around 50% since 2018, despite the emergence of numerous altcoins.

BTC, the flagship cryptocurrency, has been through a rollercoaster of speculation this year.

From analysts predicting doom, gloom and an inevitable drop to $20,000, to other more optimistic analysts predicting a rise to $300,000 in the next bull market.

According to a slightly more reliable source, however, the $100,000 BTC prediction appears to be winning.

Standard Chartered Bank, in a recent report, has put a timeline on things and predicts that BTC will hit this milestone at the end of 2024.

Here's everything the report says.

Spot Bitcoin ETFs Could Boost Demand

One of the main factors that will drive this price rally for bitcoin is the incoming spot Bitcoin ETF approval, Standard Chartered says.

The bank says that the SEC is likely to approve several applications as early as the first quarter of 2024.

This is considering how the first BTC futures ETF was approved in October this year.

"We think several spot ETFs will now be approved in Q1-2024 for both BTC and ETH, paving the way for institutional investment,"

Standard Chartered also says that another factor that could support this price growth in 2024 is the upcoming BTC halving, which is supposed to happen sometime in April 2024.

According to Standard Chartered, the previous halvings, which happened every four years in 2012, 2016 and 2020, were followed by significant price explosions.

This is due to the scarcity effect, and the way that Bitcoin's mining rewards are expected to decrease by half. If the demand for BTC stays the same or increases, Bitcoin's price is expected to continue rallying upwards.

And as it happens, Standard Chartered believes that the same is about to happen, especially as more investors jump on the incoming ETFs.

Bitcoin Remains the Dominant Cryptocurrency

The bank also reiterated how BTC has managed to keep most of its relevance, despite how several altcoins continue to hit the market every day.

Bitcoin, according to TradingView, has managed to maintain its market dominance of around 50% since 2018, despite minor dips and rallies.

Bitcoin dominance
Bitcoin dominance

This indicates that despite the uncertainty, BTC remains the most preferred and trusted cryptocurrency among investors.

The bank concludes that through it all, Bitcoin is still on track to hit $100,000 by the end of 2024, as it predicted in April.

At the same time, Standard Chartered acknowledged that if the spot BTC ETFs are approved earlier than anticipated, we might see this $100,000 market come into play, much earlier than expected.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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