Standard Chartered Bank Reaffirms Bitcoin Price Prediction
Standard Chartered Bank has restated its forecast that the price of bitcoin will reach $100,000, but now believes this milestone could be reached sooner than originally expected. Geoff Kendrick, the bank’s head of crypto research and Western emerging markets FX, noted that the recent surge in bitcoin’s value and its dominant position in the crypto market are driving its upward trajectory. Kendrick also highlighted the decreased supply of mined bitcoin due to miners hoarding their holdings and the upcoming Bitcoin halving as factors that could contribute to the price surge. Furthermore, he anticipates the introduction of U.S. spot bitcoin ETFs to further boost the price of the cryptocurrency.
Bitcoin’s Market Cap and Miner Activity
Kendrick points out that as bitcoin’s price continues to rise, miners are holding onto their bitcoin instead of selling it, causing a drop in the amount of mined bitcoin being sold. Bitcoin’s market cap has been growing, and Kendrick believes that this will be a key driver for future price increases. He also notes that historically, bitcoin prices have peaked 12-18 months after a halving, suggesting that the upcoming halving in April could have a significant impact on the price of the cryptocurrency.
Revised Price Prediction and Potential ETF Approval
Standard Chartered initially predicted a price of $100,000 for bitcoin by the end of 2024, but now sees a possibility of reaching this level earlier. Kendrick highlights the potential approval of spot bitcoin ETFs by the U.S. SEC as a key factor for the price surge. With expectations of the SEC approving multiple spot bitcoin ETFs next year, including one from Blackrock, the bank sees this as a positive development that could drive the price of bitcoin even higher.
Hot Take: Standard Chartered Bank Bullish on Bitcoin’s Price Potential
Standard Chartered Bank remains optimistic about the future price of bitcoin, reiterating its forecast of $100,000 and suggesting that this milestone could be achieved sooner than expected. The bank cites bitcoin’s market dominance, reduced supply due to miners holding onto their holdings, and the upcoming halving as factors that could drive the price higher. Additionally, the potential approval of U.S. spot bitcoin ETFs by the SEC is seen as a positive development that could further boost bitcoin’s price. With growing interest in the cryptocurrency space, many are eagerly watching how these factors will shape the future of bitcoin’s price.
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