- Standard Chartered predicts Bitcoin to reach $100,000 by end of 2024.
- Bank expects U.S. SEC to approve Bitcoin ETFs in early 2024.
- Bitcoin’s market dominance increases, mysterious wallet accumulates 11,268 BTC.
A recent publication from Standard Chartered, a British multinational banking corporation, has made a striking forecast about the future value of Bitcoin. The bank anticipates a significant increase in the price of Bitcoin, predicting that it will climb to an estimated $100,000 by the end of 2024.
This prediction confirms the bank’s previous forecast from April, which indicated the end of the cryptocurrency downturn and suggested the beginning of a ‘crypto spring.’ The report points out the reasons behind Bitcoin’s rise, mentioning the earlier disturbances in the banking industry. It recognizes the importance of these events in reestablishing Bitcoin’s reputation as a scarce and decentralized digital currency.
Nevertheless, the excitement among investors and aficionados is fueled by the bank’s expectation that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin exchange-traded funds (ETFs). Geoff Kendrick, who leads the crypto strategy and emerging markets foreign exchange at Standard Chartered, suggests that the bank predicts these approvals may come sooner than previously thought, possibly within the first quarter of 2024. Such a development is anticipated to open the door for significant institutional investments into BTC and ETH.
Additionally, the report highlights the importance of the forthcoming Bitcoin halving occurrence in 2024. Previous occurrences of Bitcoin halvings have typically resulted in following upward trends in the cryptocurrency market.
Bitcoin’s impressive 130 percent increase in 2023 supports the bank’s prediction. Standard Chartered observes that Bitcoin maintains its leading position, with its proportion of the total market capitalization for digital assets rising to 50 percent from 45 percent as of April.
Moreover, there is conjecture about an enigmatic wallet owner who has amassed 11,268 bitcoins worth $424 million since November 10. This person currently stands as the 74th biggest owner of BTC. Their purchasing activity, which involved obtaining 875 tokens today, prompts inquiries regarding possible connections to American asset management firms looking to introduce spot Bitcoin ETFs.
The potential consequences of approving a spot ETF are significant, as confirmed by VanEck advisor Gabor Gurbacs, who indicates that it might create trillions in value, assuming a modest demand ranging from $20 billion to $30 billion.
BTC Price Analysis
Examining the latest price movements of Bitcoin, a dominant optimistic outlook is observed. It is particularly noteworthy that the 9-day exponential moving average (EMA) has been documented beneath the current trading price of $37546, reinforcing the optimistic outlook. The daily relative strength index (RSI) is at 60, suggesting a neutral stance. Nonetheless, there has been an 8% decline in trading volume over the past 24 hours, settling at $20 billion.
The present cost is slightly under $38,000. There are expectations that it could exceed important resistance points if it goes above $38,320, or it might experience possible drops if it falls beneath $37,720.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
