Standard Chartered, a leading international banking group, has maintained its bullish outlook on Bitcoin, predicting the cryptocurrency could reach $100,000 by the end of 2024.
This optimism is tied to the anticipated approval of several spot Bitcoin exchange-traded funds (ETFs) in the United States in the first quarter of 2024. This development is seen as a significant step in paving the way for increased institutional investment in both Bitcoin (BTC) and Ethereum (ETH).
The bank's forecast, first made in April, suggests that the approval of spot Bitcoin ETFs in the U.S. could serve as a major catalyst for Bitcoin's price surge. Bloomberg Intelligence ETF analysts share a similar view, estimating a 90% likelihood that the U.S. Securities and Exchange Commission (SEC) will greenlight these spot Bitcoin ETF applications by January 10, 2024.
Analyst Eric Balchunas emphasized that behind-the-scenes interactions between the SEC and ETF issuers indicate a concerted effort to launch these investment products in the current cycle, a development that was previously thought unlikely by many.
James Seyffart, another Bloomberg Intelligence ETF analyst, also echoed Balchunas's sentiments and welcomed Standard Chartered's optimistic prediction about Bitcoin's future value. These predictions come amidst a period of volatility for Bitcoin, which, as of early Thursday morning, was trading at $37,734.22, marking a 0.77% decrease over the past 24 hours and a 0.3% drop over the last week. Despite these short-term fluctuations, the long-term outlook for Bitcoin remains positive among analysts and financial institutions.
As the world's largest crypto asset by market capitalization, Bitcoin's performance is closely watched by investors and market analysts alike. The approval of a spot Bitcoin ETF in the U.S. is expected to significantly boost investor confidence and facilitate institutional involvement in the cryptocurrency market. This would mark a significant milestone in the mainstream adoption of digital assets and could potentially lead to considerable growth in Bitcoin's market value.
