Bitcoin Could Reach $100,000 in One Year
Standard Chartered predicts that Bitcoin (BTC) could hit $100,000 within a year due to the potential launch of exchange-traded funds (ETFs). The banking giant has reiterated its bullish price targets for BTC in a recent research note. Standard Chartered believes that BTC has the potential to nearly triple its current value of $37,700 if the United States approves Bitcoin spot price ETFs. The head of EM FX Research at Standard Chartered, Geoff Kenrick, stated that there is a risk of reaching the $100,000 level before the end of 2024.
Standard Chartered’s Optimistic Vision
Standard Chartered has consistently displayed an optimistic outlook for Bitcoin’s future. In July, the bank highlighted the declining availability of BTC supply as a reason for higher prices. Kenrick also suggested that miners would hoard more BTC stocks as profitability increases and block subsidy halving approaches. These factors would reduce net BTC supply and drive prices higher.
Spot Bitcoin ETF in the Spotlight
The focus on ETFs has intensified this month, with derivatives premiums rising and anticipation building around a potential approval in January. Earlier in November, the market experienced rapid gains due to speculation about regulatory approval. However, concerns remain about large-volume investors selling off once approval is granted, which could lead to a “buy the rumor, sell the news” scenario.
Hot Take: Bitcoin’s Bullish Trajectory Continues
Standard Chartered’s prediction adds to the growing belief that Bitcoin will continue its upward trajectory. The potential introduction of ETFs and decreasing BTC supply are key factors driving these expectations. While there are risks associated with investor behavior and market volatility, many experts remain optimistic about Bitcoin’s long-term growth potential. As the cryptocurrency market continues to evolve, it is important for investors to stay informed and make strategic decisions based on their risk tolerance and investment goals.
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