Standard Chartered said Bitcoin (BTC) could surpass $100,000 within a year due to the faster-than-expected launch of exchange-traded funds (ETFs).
In a research note published on November 28 cited by sources including Business Insider, the banking giant doubled down on its bullish BTC price target.
Standard Chartered still expects a six-figure BTC price.
According to Standard Chartered’s latest forecast, Bitcoin will trade in six figures by the end of 2024.
Thanks to the US potentially approving a Bitcoin spot price ETF, BTC/USD has the ability to nearly triple from its current $37,700 over the next 12 months.
“We now expect more price upside to be realized ahead of the halving than previously possible, particularly with the faster-than-expected adoption of US cash ETFs,” said Geoff Kenrick, Head of EM FX Research, West and Crypto Research at Standard Chartered.
“This suggests a risk that the $100,000 level could be reached before the end of 2024.”
These figures continue the consumer finance giant’s already optimistic vision of how Bitcoin will grow in the coming years.
A study last July noted a decline in BTC supply availability as a reason to believe much higher prices are expected. Specifically, Kenrick said at the time that $50,000 in funding would be available by the end of 2023.
He also suggested that miners will begin to stockpile more of their BTC shares as the hash rate increases and the upcoming block subsidy will reduce the BTC earned per block by 50%.
“Increasing miner profitability per BTC (Bitcoin) mined means they can reduce sales while maintaining cash inflows, reducing the net supply of BTC and driving the BTC price higher,” he summarized.
Spot Bitcoin ETF: Countdown to the Weeks
The ETF story is firmly in the spotlight this month, with higher derivatives premiums and heightened rumors of possible approval in January.
Related: Spot Bitcoin ETF: Why is it different this time?
BTC price trajectory has been sensitive to related news. The market rose quickly in early November. Excessive expectations about possibilities approval It comes from U.S. regulators ahead of the January window.
At the same time, concerns remain that, once approved, latecomers may suffer losses by ‘buying on rumor and selling on the news’ as large investors sell.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.