Bitcoin Price Projection by Standard Chartered: 100,000 Dollars in 2024

Crypto News- In the latter part of 2022, as mainstream financial experts leaned towards a pessimistic outlook for Bitcoin and the broader cryptocurrency market, the narrative has undergone a significant transformation in the past 12 months. A robust rally in Bitcoin, nearing a remarkable 150% increase, has shifted perceptions.

Bitcoin Price Projection by Standard Chartered: 100,000 Dollars in 2024

As we step into what can be termed the Crypto Spring, Standard Chartered provides an optimistic forecast, suggesting that Bitcoin is on track to reach $100,000 by the conclusion of 2024, as reported by Business Insider. Geoff Kendrick, the Head of Crypto Research at Standard Chartered, points to several key drivers contributing to this bullish projection:

• Accumulation of BTC by Bitcoin miners

• The upcoming Bitcoin halving

• The potential approval of a spot Bitcoin exchange-traded fund (ETF)

Despite a recent decline in Bitcoin miners’ BTC balance since late October 2023, Kendrick underscores the consistent upward trend observed since December 2022. The imminent Bitcoin halving is expected to introduce a supply shock, reducing block rewards from 6.25 BTC to 3.75 BTC during the 2024 halving event.

Anticipating a surge in demand in 2024, especially with the potential approval of a spot Bitcoin ETF, Kendrick commented:

“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 $100,000 level could be reached before end-2024.”

It’s noteworthy that Standard Chartered had earlier, in July, predicted Bitcoin’s value to reach $50,000 by the close of 2023. However, as of late November 2023, Bitcoin is currently hovering around the $38,000 mark. The question that arises is whether the flagship cryptocurrency can stage a more than 30% gain in the remaining month of the year.