- Standard Chartered predicts Bitcoin could reach $100,000 by the end of 2024.
- Bitcoin’s dominance in the digital asset market and miner token hoarding contribute to this bullish outlook.
- The potential approval of US spot ETFs and falling Treasury yields further fuel the optimistic forecast.
This article discusses Standard Chartered’s prediction of Bitcoin reaching $100,000 by 2024, driven by key market trends and the potential introduction of US spot ETFs.
Bitcoin’s Rapid Growth and Market Dominance
Bitcoin has witnessed a remarkable 130% surge in 2023 and is poised for further growth, potentially exceeding $100,000 by late 2024. Standard Chartered’s analysis emphasizes Bitcoin’s continued dominance in the crypto space and the increasing tendency of miners to hoard tokens, enhancing its market value. The cryptocurrency’s growing share in the digital asset market cap, now around 50%, has significantly contributed to its price increase.
Impact of Bitcoin Halving and US Spot ETFs
Another critical factor in Bitcoin’s projected growth is the anticipated halving event in April, which traditionally leads to price peaks 12-18 months later due to reduced token supply. Additionally, the increasing likelihood of the approval of Bitcoin spot ETFs in the US market is seen as a major positive development. These ETFs, by providing traditional brokerage accounts with access to Bitcoin, could inject fresh capital into the cryptocurrency market.
Broader Economic Factors Influencing Bitcoin’s Trajectory
The broader economic environment, particularly falling Treasury yields, is also expected to boost Bitcoin’s appeal as a long-term investment. The recent drop in the 30-year yield to 4.60% from 5.17% aligns with this perspective. Analysts at Bernstein also share a bullish view on Bitcoin, predicting a potential rise to $150,000 by mid-2025, citing similar supply dynamics.
Conclusion
Standard Chartered’s forecast for Bitcoin reaching $100,000 by the end of 2024 underscores a growing confidence in the cryptocurrency’s future amidst favorable market conditions and regulatory developments. This optimistic outlook, supported by factors like miner hoarding, the upcoming halving event, and potential US spot ETF approvals, paints a promising picture for Bitcoin’s continued ascent in the global financial landscape.
