- Standard Chartered foresees an imminent Bitcoin ETF and has reiterated its $100,000 price prediction for 2024
- The 2024 Bitcoin halving was also cited as a key price driver
- The bank asserts that “everything is working as expected” in its rationale
Standard Chartered has predicted that a Bitcoin ETF is imminent and said that its $100,000 price prediction is on course. The bank, which has taken to prophesizing about the Bitcoin price in a manner that would make Tim Draper blush, said that “everything is working as expected” with its rationale for a $100,000 Bitcoin in 2024, which includes the impact of the Bitcoin halving as well as the seemingly inevitable Bitcoin ETF approval. The bank’s analysts also pointed to Bitcoin’s dominance as a measure of how it will perform in the coming 12 months.
More Predictions Than Professor Trelawny
In September 2021 Standard Chartered forecast a valuation of $50,000 to $175,000 for Bitcoin over the long term while pegging Ethereum as somewhere between $26,000 to $35,000 in the long run.
It has since offered more short-term forecasts, suggesting in December that Bitcoin would crash to $5,000 in the bear market, which of course it didn’t, but by April it had changed its tune and suggested a $100,000 Bitcoin in 2024, saying that its unique decentralized design made it a tempting asset at a time when the traditional banking sector is under huge pressure.
Halving Will Drive Price Increase
Standard Chartered has now revisited its $100,000 prediction to confirm that everything is on track, noting that the approvals of several US-based spot bitcoin ETFs, which “are likely to come sooner than expected,” will help drive the price, noting, “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 Bitcoin halving, which is due to take place around May next year and which typically acts as a price driver, is also expected to have the same impact again, while the team also points to Bitcoin’s dominance in the market as being a strong factor in its prediction:
BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50% from 45% in April.
While the halving does usually act as the starter pistol for a bull run, the full impact isn’t usually felt until the following year, suggesting a potentially higher Bitcoin price in 2025.