165% increase in the price of bitcoin will be driven by an ETF by Standard Chartered in 2024.
As Bitcoin continues to capture mainstream attention, financial institutions are making bold predictions about its future. Standard Chartered, a global banking giant, recently released a research note forecasting a remarkable 165% price gain for Bitcoin in 2024. The catalyst for this surge? The anticipated approval and launch of exchange-traded funds (ETFs) in the United States, specifically spot price ETFs.
Current Bitcoin Status:
At the time of the research note, Bitcoin is valued at $37,686. Despite the recent fluctuations in its price, Standard Chartered stands by its optimistic outlook, suggesting that Bitcoin could reach $100,000 within the next 12 months.
ETFs as Game-Changers:
Standard Chartered’s Head of EM FX Research, West and Crypto Research, Geoff Kenrick, emphasizes the crucial role of ETFs in driving this potential surge. The expectation is centered around the approval of Bitcoin spot price ETFs in the United States. Kenrick believes that this development could lead to a threefold increase in Bitcoin’s value, presenting a substantial opportunity for investors.
Accelerated Growth Before the Halving:
The research note highlights a shift in expectations, with Standard Chartered now foreseeing more significant upside potential for Bitcoin before the next halving. Kenrick explains that the earlier-than-expected introduction of US spot ETFs is a key factor contributing to this revised outlook. This shift raises the possibility of Bitcoin reaching the $100,000 milestone before the end of 2024.
This latest prediction aligns with Standard Chartered’s previous optimistic visions for Bitcoin’s future. In July, the bank identified the declining availability of the Bitcoin supply as a precursor to higher prices. At that time, Kenrick suggested a $50,000 valuation by the end of 2023, citing factors such as miners hoarding their BTC stocks and increased profitability.
Spot Bitcoin ETF on the Horizon:
The spotlight is currently on the potential approval of spot Bitcoin ETFs, with derivatives premiums rising and speculation surrounding a January decision. The market has already experienced significant gains in November due to anticipation of regulatory approval. However, concerns persist about the potential for large-volume investors to sell off post-approval, creating a “buy the rumor, sell the news” scenario.
As the cryptocurrency market evolves, institutional forecasts play a crucial role in shaping investor sentiment. Standard Chartered’s bullish prediction for Bitcoin’s price, driven by the potential introduction of spot ETFs, adds to the growing narrative of Bitcoin’s mainstream acceptance and potential for significant growth in the coming years. Investors will be closely monitoring developments in the ETF approval process as they position themselves for potential opportunities in the evolving crypto landscape.
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