Here’s When Bitcoin (BTC) will hit $100k, Top Expert Sets date and it’s Very Very Near.
In the ever-evolving world of cryptocurrencies, bold predictions and ambitious price projections are not uncommon. However, when a major financial institution like Standard Chartered weighs in, the crypto community takes notice. Geoff Kendrick and his team at Standard Chartered have not only predicted that Bitcoin will hit $100,000 but have reaffirmed this forecast, suggesting that the target is not only achievable but rapidly approaching. In this blog, we delve into the details of Standard Chartered’s prediction, the catalysts behind Bitcoin’s potential surge, and the implications for the crypto market.
The Standard Chartered Forecast:
Background:
Standard Chartered, a global banking giant with assets among the largest in the world, made headlines in April when Geoff Kendrick predicted that Bitcoin would reach $100,000 by the end of 2024. In subsequent months, he doubled down on this forecast, citing factors such as decreased miner selling pressure and the upcoming block reward halving.
Reaffirmation in November:
In November, Kendrick reiterated his belief that everything is on track for Bitcoin to hit $100,000 by the end of 2024. He points to two emerging trends as key factors propelling Bitcoin’s ascent — growing institutional interest and the expected approval of physical Bitcoin exchange-traded funds (ETFs) in early 2024.
The Catalysts Fueling the $100,000 Bitcoin:
1. Institutional Interest:
The Standard Chartered team identifies the approval of physical Bitcoin ETFs in the United States as a pivotal factor. These investment vehicles are anticipated to open the floodgates for substantial capital inflows into Bitcoin, driven by growing institutional interest.
2. Bitcoin Halving in April 2024:
The second crucial factor, occurring around the same timeline, is the next Bitcoin halving scheduled for April 2024. This event, happening every four years, reduces the reward given to miners, tightening the asset’s stock-to-flow ratio — a metric considered a reliable predictor of significant price increases.
Combined Impact:
The synergy between ETF approval and the halving creates a potential perfect storm for Bitcoin. The approval of ETFs is expected to bring in fresh investment, while the halving reduces the rate of new Bitcoin issuance. This dynamic could drive Bitcoin’s price to exceed the $100,000 mark.
Major Bank Lending Credibility to Crypto Predictions:
Geoff Kendrick’s Statement:
The credibility of Standard Chartered adds weight to the $100,000 Bitcoin prediction. Kendrick’s assertion that “everything is working as expected” suggests that these predictions may even be ahead of schedule. When major financial institutions make substantial crypto forecasts, it sends a powerful signal to the market.
Broader Industry Support:
Standard Chartered is not alone in its bullish outlook. Prominent figures like Mike Novogratz have also endorsed the $100,000 Bitcoin prediction. The alignment of predictions from both traditional finance and cryptocurrency spheres indicates a growing optimism that the milestone is not a matter of ‘if’ but ‘when.’
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Final Thoughts:
In the coming months, Bitcoin investors will closely monitor signs that Geoff Kendrick’s forecast of a $100,000 Bitcoin by 2024 may become a reality earlier than anticipated. With the backing of major financial institutions and the rise of innovative DeFi projects like Retik Finance, the cryptocurrency landscape is poised for exciting developments. Whether the milestone is achieved precisely as predicted or takes a slightly different path, the convergence of factors suggests that Bitcoin’s journey to $100,000 is an narrative worth watching.
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