Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered

Bitcoin 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. Specifically, Kenrick said at the time that $50,000 was on the cards by the end of 2023.

He also suggested that miners would begin hoarding more of their own BTC stocks amid increasing hash rate and the upcoming block subsidy halving decreasing BTC earned per block by 50%.

“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” he summarized.

Spot Bitcoin ETF: Counting down the weeks

The ETF narrative is firmly in the spotlight this month as derivatives premiums shoot higher and buzz around a potential approval in January heightens.

BTC price trajectory has been sensitive to related news. Earlier in November, the market gained rapidly over anticipation of a possible approval coming from U.S. regulators before the January window.

At the same time, concerns linger over large-volume investors selling off once the greenlight appears — in what would constitute a “buy the rumor, sell the news” event, which could leave latecomers at a loss.

Source: https://cointelegraph.com/news/bitcoin-etf-165-btc-price-gain-2024-standard-chartered