Bitcoin to $100,000 in 2024? Here’s Why Major Bank’s Analysts Are Bullish on BTC
The post Bitcoin to $100,000 in 2024? Here’s Why Major Bank’s Analysts Are Bullish on BTC appeared on BitcoinEthereumNews.com.
Key highlights: Analysts from Standard Chartered are doubling down on their prediction that Bitcoin will hit $100,000 by the end of 2024. The analysts say the expected approval of a spot Bitcoin ETF in the United States will allow large amounts of capital to flow into Bitcoin. They also highlighted the next Bitcoin halving in 2024, which will tighten Bitcoin’s supply growth. We could see the Bitcoin price hit six figures much earlier than expected. For years, analysts and investors have debated when or if Bitcoin will hit the $100,000 milestone. Now, analysts from a major global bank are doubling down on their prediction that 2024 will be the year Bitcoin blasts through six figures. Standard Chartered makes bold forecast Standard Chartered is no small player. As one of the largest banks in the world by assets, its analysts don’t make bullish calls lightly. Yet that’s exactly what Geoff Kendrick and his team of researchers at Standard Chartered have done – not once, but twice. Back in April, Kendrick first made waves by forecasting Bitcoin would hit $100,000 by the end of 2024. Just a few months later in July, the analyst reaffirmed his stance, pointing to decreased miner selling pressure and the impending block reward halving as tailwinds. Now in November, Kendrick is doubling down yet again. In a note to clients last week, he wrote “Everything is working as expected” and stood by the end of 2024 $100,000 price target. According to Kendrick, two emerging trends will supercharge Bitcoin’s ascent – growing institutional interest fueled by ETF approvals in early 2024. Spot Bitcoin ETF approval decision deadlines. Image source: Bloomberg The catalysts fueling $100K Bitcoin Kendrick and the Standard Chartered team have honed in on a pair of factors they believe will send Bitcoin skyrocketing. First is the long-awaited approval of physical Bitcoin ETFs in…
Filed under: News - @ November 30, 2023 6:12 pm