Standard Chartered Bank was able to double down on its forecast for Bitcoin prices worth 100,000 dollars next year, accompanied by increased positivity on the timing.
The bank analyst described, “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot [bitcoin] ETFs.”
Standard Chartered’s Bitcoin Price Prediction
Standard Chartered Bank was able to reiterate its forecast for Bitcoin prices worth 100,000 dollars, with relatively more cost upside taking place much sooner than it predicted previously. On Tuesday, Geoff Kendrick, the head of Western emerging markets FX and crypto research at Standard Chartered, said in a note, “Crypto spring has sprung.”
The analyst then explained how the unwavering dominance of Bitcoin in the crypto space, as well as increased token hoarding by different miners, continue to enhance the upward trajectory of the assets.
The market cap for Bitcoin rose from around 45% in April to approximately 50%, while its actual value dropped by around 10,000 dollars. The increase in price has led to renewed interest in the crypto space.
In this context, Kendrick shared, “Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space.”
Kendrick further detailed, “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs. This suggests a risk that the USD 100,000 level could be reached before the end of 2024.”Multiple analysts expected the Securities Exchange Commission to approve several spot Bitcoin ETFs in 2024, including one from the largest asset manager in the world, Blackrock. Gary Gensler, the Chairman of the SEC, stated that the regulator of securities is actually considering between 10 and 8 spot bitcoin ETF apps.