Analysts Bullish on Bitcoin, Standard Chartered Predicts $100k by the end of 2024.
Standard Chartered Bank analysts maintain a bullish stance, predicting Bitcoin to reach $100,000 by the end of 2024. Matrixport predicts above $60k before halving.
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Analysts at Standard Chartered Bank have predicted that Bitcoin will be trading at $100,000 by the end of 2024. This reiterates the bank's earlier forecast in April and continues the trend of bullish sentiments among analysts.
According to the note written by a team of analysts led by Geoff Kendrick, Bitcoin is on track to reach $100k by the end of 2024. The analysts had earlier said in April that several factors will push the flagship asset to $100k. This includes the banking sector crisis, which has made using a decentralized asset like Bitcoin attractive.
"Against this backdrop, bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value, and a means of remittance," Kendrick wrote.
Spot Bitcoin ETF Will Be Catalyst
With the developments since then, Standard Chartered now believes BTC could reach the $100k price level even before the end of 2023. This is primarily because the U.S. Securities and Exchange Commission has changed its approach to spot Bitcoin ETFs.
The bank now highlights the potential approval of several spot Bitcoin ETFs in the first quarter of 2024 as a catalyst for Bitcoin price surge. ETF experts put the odds of such approval at 90%.
"We think a number of spot ETFs will now be approved in Q1-2024 for both BTC and ETH, paving the way for institutional investment," the analysts wrote.
Halving Will Drive Price Higher
However, they added that another factor that will contribute to Bitcoin price increase is the next Bitcoin halving. It is set to happen in late April 2024 and will reduce the reward earned by Bitcoin miners from 6.25 BTC to 3.125. The halving will happen when the number of blocks hits 740,000, less than 21,000 blocks away.
Based on historical data, Bitcoin usually enters a bull run after the halving, which lasts about two years before it turns bearish again. The halving will also reduce rewards accruing to miners, and such reduction means more scarcity for Bitcoin, which could increase its value.
With a pattern of halving leading up to a bull run, many expect a repeat would enable BTC to beat the $100k mark easily.
Matrixport More Bullish on Bitcoin Long-term
Meanwhile, Standard Chartered is not alone. Matrixport has even set a higher target of $125k by the end of 2024. The firm expects the flagship asset to reach $63,140 before halving.
It also gave a 90% odds of BTC getting to $40,000 in December. BTC is worth $38,545 and has risen almost 2% in the last 24 hours.
