Bitcoin Set To Reach $100,000 By 2024: Standard Chartered
British multinational bank Standard Chartered believes that Bitcoin (BTC) will reach the milestone of $100,000 in 2024. But what drives growth?
By the end of the 2022s, many mainstream financial experts believed that Bitcoin and the broader crypto market were doomed. However, a lot has changed in the past 12 months, with Bitcoin rallying nearly 150%.
Crypto Spring Spread: Standard Chartered
According to Business Insider, Standard Chartered said in a note that Bitcoin will hit $100,000 by the end of 2024. Geoff Kendrick, Head of Crypto Research at Standard Chartered, believes the following are the key drivers that will push Bitcoin to $100,000.
Bitcoin Miners BTC Bitcoin Accumulation Spot Validation Bitcoin Exchange Traded Fund (ETF)
In fact, the screenshot below shows that the BTC balance of Bitcoin miners continued to increase from December 2022, but it is worth noting that there was a significant decrease in miners from the end of October 2023.
In fact, the Bitcoin halving introduces a supply shock into the BTC distribution. At each halving, block rewards to miners are halved. Specifically, the 2024 Bitcoin halving will reduce the reward allocation from 6.25 BTC to 3.75 BTC.
Read more: Bitcoin Half Cycles and Investment Strategies: What You Need to Know
Standard Chartered sees a spike in demand for Bitcoin (BTC).
However, by 2024, Standard Chartered believes there will be an increase in demand for spot Bitcoin ETF licenses, along with supply shocks. Kendrick wrote:
“We expect prices to rise further than before the halving. This indicates a risk of reaching the $100,000 level before the end of 2024.
In July, BeenCrypto reported that Standard Chartered predicted that Bitcoin would reach $50,000 by the end of 2023.
However, by the end of November 2023, BTC is hovering around $38,000. The question is, can the main crypto asset manage a profit of more than 30% in the last month of the year?
Read more: How to prepare for a Bitcoin ETF: A step-by-step approach
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For BeInCrypto's latest Bitcoin (BTC) analysis, click here.
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