Bitcoin's Path to $100,000 đ„: Insights from Standard Chartered Bank
The world of cryptocurrency is constantly evolving, with forecasts and predictions often setting the tone for investors' expectations. One such significant forecast comes from Standard Chartered Bank, which predicts that Bitcoin, the world's leading cryptocurrency, could reach a value of $100,000 by the end of 2024ââââ
The Catalysts for Growth
A major catalyst that could propel Bitcoin towards this $100,000 mark is the anticipated approval of several U.S.-based spot Bitcoin ETFs. Standard Chartered expects these ETFs to be approved sooner than expected, possibly in the first quarter of 2024. These ETFs are seen as paving the way for increased institutional investment in both Bitcoin (BTC) and Ethereum (ETH)ââââ.
The Impact of Bitcoin Halving
Another important factor is the next Bitcoin 'halving' event, currently expected to occur in late April 2024. Halving is a mechanism that limits the supply of Bitcoin, and historically, such events have been associated with significant price increases. Standard Chartered anticipates this will be another source of price upside for Bitcoinââ.
Standard Chartered's Confidence in Bitcoin
In April, Standard Chartered initially made its $100,000 prediction, citing Bitcoin's status as a branded safe haven. The bank reiterated its forecast, noting that Bitcoin's dominance in the overall digital assets market cap has increased, and the pathway to the $100,000 level is becoming clearerââââââ.
Bitcoin's Current Performance
As of April 2023, Bitcoin had shown signs of recovery, rising above $30,000 for the first time in ten months. This rise represented a partial recovery from the losses incurred in 2022, when central banks hiked interest rates and several crypto firms collapsedââ.
