Bitcoin ETF will bring 165% BTC price increase in 2024 – Standard Chartered

Bitcoin (BTC) could reach $100,000 within a year, thanks to Standard Chartered's “earlier than expected” exchange-traded fund (ETF) launch.

The banking giant doubled down on its BTC price targets in a Nov. 28 research note, citing sources including Business Insider.

Standard Chartered still expects a six-figure BTC price.

Bitcoin is on track to trade in six figures by the end of 2024, according to Standard Chartered's latest forecast.

Thanks to the United States approving Bitcoin spot price ETFs, BTC/USD has the potential to triple from its current $37,700 in the coming 12 months.

Geoff Kenrick, head of EM FX Research, West and Crypto Research at Standard Chartered, said: “We expect prices to rise further before halving from what we have done in the past.

This suggests that it may reach the $100,000 mark before the end of 2024.

The figure continues the consumer banking giant's already optimistic view of how bitcoin will grow in the coming years.

In July, studies have observed that the supply of BTC is shrinking to believe that much higher prices are in store. Specifically, Kenrick said at the time that $50,000 was on the cards by the end of 2023.

He also pointed out that due to the increasing hash rate and the upcoming block subsidy that will halve the amount of BTC available per block by 50%, miners will start hoarding their own stocks of BTC.

“Increasing the profitability of a BTC (bitcoin) miner means you can sell less while maintaining cash flow, reducing the net supply of BTC and raising the price of BTC,” he summarized.

Spot Bitcoin ETF: Counting down the weeks

The ETF narrative is in the spotlight this month as derivatives premiums shoot higher and buzz around a possible January approval increases.

Related: Spot Bitcoin ETF: Why This Time Is Different

BTC price path is sensitive to related news. In early November, the market gained momentum in anticipation of possible approval from US regulators ahead of the January window.

At the same time, once the green light is given, there is a risk that large-scale investors will sell late — potentially putting latecomers at a disadvantage in the “buy the rumor, sell the news” phenomenon.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.