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Bank Predicts Accelerated Growth with U.S. Spot ETFs and Bitcoin Halving
- Standard Chartered reaffirms its April forecast, expressing unwavering confidence in Bitcoin’s trajectory towards $100,000 by end-2024.
- Anticipation builds as the bank identifies the approval of U.S.-based spot Bitcoin ETFs, expected in Q1-2024, as a pivotal catalyst for institutional investment and market dynamics.
- Standard Chartered highlights the imminent Bitcoin ‘halving’ in April 2024, emphasizing its role in limiting supply and serving as an additional source of potential price upside.
Standard Chartered Bank continues to stand by its earlier prediction that Bitcoin will reach $100,000 by the close of 2024. This reaffirmation comes in the wake of their initial forecast in April, underlining the bank’s unwavering confidence in the projected trajectory of the cryptocurrency.
Geoff Kendrick and the Standard Chartered team reiterate their conviction that Bitcoin’s dominance in the digital assets market remains unshaken. Notably, since April, Bitcoin’s share of the overall digital assets market cap has surged from 45% to a commanding 50%, validating the bank’s assessment of the cryptocurrency’s sustained strength and market position.
Also Read: Bitcoin Transactions Each Require Enough Water to Fill Swimming Pool: Report
U.S.-Based Spot Bitcoin ETFs Anticipated in Q1-2024
Standard Chartered identifies U.S.-based spot Bitcoin Exchange-Traded Funds (ETFs) as the upcoming catalyst for a potential surge in Bitcoin’s value. The bank underscores the significance of these ETFs, foreseeing their approval in the first quarter of 2024. This anticipation points toward a strategic development that could significantly impact institutional investment and reshape Bitcoin’s market dynamics.
Delving into the rationale behind this anticipation, Standard Chartered cites factors that expedite the expected approval of U.S. spot Bitcoin ETFs. The bank discusses the implications of an accelerated introduction of these ETFs, exploring how such a development could influence the broader cryptocurrency landscape, ushering in new dimensions to Bitcoin’s accessibility and attractiveness to institutional investors.
Bitcoin Halving and Revised Price Expectations
In tandem with their prediction, Standard Chartered highlights the impending Bitcoin ‘halving’ event slated for late April 2024. The bank succinctly explains the mechanics of this event, emphasizing its role in constraining the cryptocurrency’s supply. Standard Chartered sees the halving as an additional factor that could propel Bitcoin’s value upward, adding another layer of potential price upside to the forecasted trajectory.
Standard Chartered introduces a noteworthy revision to their prediction, suggesting the possibility of Bitcoin reaching the $100,000 mark before the conclusion of 2024. This adjustment is attributed to the earlier-than-expected introduction of U.S. spot Bitcoin ETFs. The bank delves into potential factors contributing to this accelerated timeline, providing insight into the dynamic forces shaping the cryptocurrency’s market performance.
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