Bitcoin (BTC) Price to Hit $100K Next Year: This Banking Giant Chips in
The post Bitcoin (BTC) Price to Hit $100K Next Year: This Banking Giant Chips in appeared on BitcoinEthereumNews.com.
TL;DR Geoff Kendrick of Standard Chartered highlights three factors for Bitcoin’s potential surge to $100,000: rising overall market cap of digital assets, the April 2024 Bitcoin halving, and the expected launch of the first US spot BTC ETF. Kendrick predicts Bitcoin’s peak might occur 12-18 months post-halving, with early introduction of US spot ETFs possibly pushing BTC to $100,000 before end-2024. Prominent figures like investor Robert Kiyosaki and Blockstream CEO Adam Back also forecast Bitcoin reaching $100,000, citing a weakening US dollar and bullish trends pre-halving. What Could Drive BTC’s Possible Surge? Bitcoin’s impressive price spike throughout 2023 has given many analysts the opportunity to speculate whether the uptrend is about to continue in the near future. One person who shares that thesis is Geoff Kendrick, Standard Chartered’s head of FX research. According to him, there are three crucial factors that might trigger a price explosion toward the coveted level of $100,000 next year. The first one is the potential rising dominance of Bitcoin over the alternative coins: “Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space.” Another element that might play a role is the Bitcoin halving (scheduled for April 2024). Kendrick assumed that the valuation of the asset might peak 12-18 months after the event. Last but not least, he believes that the launch of the first spot BTC ETF in America is just around the corner and that it could also cause a bull run for the asset: “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs. This suggests a risk that the USD 100,000 level could be reached before end-2024.” Who…
Filed under: News - @ November 29, 2023 6:14 pm