Bitcoin Remains on Track for $100K by Year-End 2024: Standard Chartered

An earlier-than-expected spot bitcoin ETF in the U.S. could be the key catalyst, said the bank.

AccessTimeIconNov 28, 2023 at 5:24 p.m. UTC
Updated Jan 26, 2024 at 3:11 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Things are going as expected, according to Standard Chartered Bank, reiterating its April forecast that bitcoin (BTC) would reach $100,000 by the end of 2024.

The next catalyst, wrote the bank's Geoff Kendrick and team, will be the approvals of several U.S.-based spot bitcoin ETFs, which they expect “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 reminded that the next Bitcoin ‘halving’ – a mechanism to limit supply and currently expected to take place in late April 2024 – will be another source of price upside.

Standard Chartered initially made its $100,000 prediction in April, arguing then that the cryptocurrency had benefited from its status as a branded safe haven.

“Put simply, everything is working as expected," said the bank in its reiteration today. "BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50% from 45% in April."

There is also a chance that the cryptocurrency will climb to the $100,000 mark before the end of the year, the bank said. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs. This suggests a risk that the USD 100,000 level could be reached before end-2024.”

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.