Bitcoin Could Reach $100,000 in a Year, Says Standard Chartered

Standard Chartered remains bullish on Bitcoin price

Standard Chartered, a banking giant, believes that Bitcoin (BTC) could reach $100,000 within a year. The prediction is based on the potential launch of exchange-traded funds (ETFs) in the United States. The bank expects BTC/USD to triple from its current level of $37,700 with the introduction of spot price ETFs.

Earlier-than-expected ETFs could drive Bitcoin price surge

Standard Chartered's head of EM FX Research, Geoff Kenrick, stated that the earlier-than-expected introduction of US spot ETFs could lead to more price upside for Bitcoin. He suggests that there is a risk of Bitcoin reaching $100,000 before the end of 2024. This forecast aligns with the bank's optimistic outlook on Bitcoin's growth in the coming years.

Miners and declining BTC supply

Standard Chartered's previous research highlighted the declining availability of BTC supply as a reason for higher prices. Kenrick noted that miner profitability and the upcoming block subsidy halving could lead to increased hoarding of BTC by miners, reducing the net BTC supply and pushing prices higher.

Spot Bitcoin ETF in focus

The spotlight is currently on the potential approval of Bitcoin ETFs. The market has reacted positively to news of a possible approval in January, with derivatives premiums surging. However, concerns remain about large-volume investors selling off once approval is granted, potentially causing a "buy the rumor, sell the news" event.

This article does not provide investment advice. Readers are encouraged to conduct their own research before making any investment or trading decisions.