Bitcoin supply shock tactics give way to ETF hype in Standard Chartered’s new $100,000 BTC price prediction.
Bitcoin (BTC) may hit $100,000 in one year’s time thanks to “earlier than expected” exchange-traded funds (ETF) launching, says Standard Chartered.
In a research note issued on Nov. 28 quoted by sources including Business Insider, the banking giant doubled down on its bullish BTC price targets.
Standard Chartered still expects six-figure BTC price
Bitcoin is in line to trade at six figures by the end of 2024, the latest forecast from Standard Chartered concludes.
Thanks to the United States potentially approving Bitcoin spot price ETFs, BTC/USD has the ability to almost treble from its current $37,700 over the coming 12 months.
“We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs,” Geoff Kenrick, Standard Chartered’s head of EM FX Research, West and Crypto Research, wrote.
“This suggests a risk that the USD 100,000 level could be reached before end-2024.”
The figure continues the consumer banking giant’s already optimistic vision of how Bitcoin will grow in the coming years.
In July, research eyed the declining availability of the BTC supply as a reason to believe that much higher prices were in store.
