Standard Chartered Affirms 2024 Bitcoin Price Prediction
Standard Chartered Bank is a global banking and financial services company headquartered in London, England. Operating mainly in Asia, Africa, and the Middle East, the bank has a rich history dating back to the 19th century.
Standard Chartered Bank offers retail banking, corporate and institutional banking, and treasury services. Its focus on emerging markets sets it apart from many other global banks that concentrate on the US and European markets.
In a recent report, Geoff Kendrick and his team at Standard Chartered predict that Bitcoin’s price will reach $100,000 by the end of 2024. They anticipate that the anticipated approval of several spot Bitcoin ETFs in the U.S. will be a significant factor.
Additionally, they believe that the approval of spot ETFs for both Bitcoin and Ethereum will likely lead to increased institutional investment in these cryptocurrencies.
Bitcoin Halving and Market Dominance
Standard Chartered also notes that Bitcoin’s dominance in the digital assets market remains strong, with its dominance increasing from 45% to 50% since April.
Bernstein’s $150,000 Bitcoin Forecast
Last month, AllianceBernstein Holding L.P. (AB) released a bullish forecast for Bitcoin, predicting a price of $150,000 by 2025. Primary to this prediction was the expectation that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin exchange-traded fund (ETF) in early 2024.
The optimism is based on the potential approval of a spot Bitcoin ETF paving the way for traditional investors to gain direct exposure to Bitcoin through their portfolios, potentially driving up demand and pushing prices higher.
Hot Take: A Look at Future Bitcoin Predictions
Standard Chartered Bank and AllianceBernstein Holding L.P. both have incredibly bullish predictions for Bitcoin in the coming years. Their projections are grounded in the expectation of significant institutional demand, regulatory approvals for ETFs, and the overarching market dominance of Bitcoin.
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