Standard Chartered reiterates its prediction on Bitcoin's projected surge to $100,000 by 2024

According to the bank, the upcoming Bitcoin halving event in 2024 could be a catalyst contributing to Bitcoin's price surge

By Shashank Bhardwaj

Published: Nov 29, 2023 07:07:53 PM IST

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The British multinational bank Standard Chartered has predicted that Bitcoin will reach a value of $100,000 by the end of 2024. The bank noted that Bitcoin has seen a massive resurgence this year, and the ‘crypto spring’ has already begun.

The prediction is a reiteration of the bank’s forecast in April of this year. The April report noted that the crypto winter is finally over, and several factors that could drive Bicoin’s climb to $100,000 are already at play. One such factor the report highlighted was the turmoil in the banking sector in March this year that helped to “re-establish Bitcoin’s use as a decentralised scarce digital asset.”

According to the latest statements by the bank, the new catalyst to support the Bitcoin price rise would be the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC).

The Standard Chartered team and the head of crypto strategy and emerging markets FX at Standard Chartered, Geoff Kendrick, believe the ETF approvals “are likely to come sooner than expected.” “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,” they said.

The team also claimed that the upcoming Bitcoin halving event in 2024 will be another source for the price surge. They believe so because past Bitcoin halving events were almost always followed by a crypto bull run.

Bitcoin halving is an event where rewards for mining new bitcoins are cut in half roughly every four years. This event is designed to reduce the rate at which new bitcoins are created through mining. With a finite supply of only 21 million coins, Bitcoin halvings help control the supply of Bitcoin.

Standard Chartered’s Bitcoin price surge prediction has already been reinforced, with Bitcoin soaring 130 percent in 2023. “Put simply, everything is working as expected,” the bank said. “BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50 percent from 45 percent in April.”

The bank also suggested that there is a chance for Bitcoin to climb the $100,000 mark before the end of the year. They said, “We now expect more price upside to materialise before the halving than we previously did, specifically via the earlier-than-expected introduction of the US spot ETFs. This suggests a risk that the USD 100,000 level could be reached before the end of 2024.”

The bank’s prediction has already been reinforced by Bitcoin’s strong performance this year. Whether the prediction will genuinely be realised can only be seen when the time comes.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash