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

Bitcoin (BTC) whitethorn deed $100,000 successful 1 year’s clip acknowledgment to “earlier than expected” exchange-traded funds (ETF) launching, says Standard Chartered.

In a probe enactment issued connected Nov. 28 quoted by sources including Business Insider, the banking elephantine doubled down connected its bullish BTC terms targets.

Standard Chartered inactive expects six-figure BTC price

Bitcoin is successful enactment to commercialized astatine six figures by the extremity of 2024, the latest forecast from Standard Chartered concludes.

Thanks to the United States perchance approving Bitcoin spot terms ETFs, BTC/USD has the quality to astir treble from its existent $37,700 implicit the coming 12 months.

“We present expect much terms upside to materialize earlier the halving than we antecedently did, specifically via the earlier-than-expected instauration of US spot ETFs,” Geoff Kenrick, Standard Chartered’s caput of EM FX Research, West and Crypto Research, wrote.

The fig continues the user banking giant’s already optimistic imaginativeness of however Bitcoin volition turn successful the coming years.

In July, probe eyed declining availability of the BTC proviso arsenic crushed to judge that overmuch higher prices were successful store. Specifically, Kenrick said astatine the time, $50,000 was connected the cards for the extremity of this year.

He besides suggested that miners would statesman hoarding much of their ain BTC stocks amid expanding hash complaint and the upcoming block subsidy halving decreasing BTC earned per artifact by 50%.

“Increased miner profitability per BTC (bitcoin) mined means they tin merchantability little portion maintaining currency inflows, reducing nett BTC proviso and pushing BTC prices higher,” helium summarized.

Bitcoin spo ETF: Counting down the weeks

The ETF communicative is firmly successful the spotlight this period arsenic derivatives premiums sprout higher and buzz astir a imaginable support successful January heightens.

Related: Spot Bitcoin ETF: Why this clip is different

BTC terms trajectory has been delicate to related news. Earlier successful November, the marketplace gained rapidly implicit anticipation of a imaginable support coming from U.S. regulators earlier the January window.

Bitcoin spot ETF exertion data. Source: James Seyffart/X

At the aforesaid time, concerns linger implicit large-volume investors selling off erstwhile the greenlight appears — successful what would represent a “buy the rumor, merchantability the news” event, which could permission latecomers astatine a loss.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.