Standard Chartered Bitcoin Price Prediction: BTC to $100,000 by the end of 2024

In a landmark turn of events, the pioneering cryptocurrency Bitcoin is poised for a significant surge, with several sources, including Standard Chartered, predicting it could reach $100,000 by the end of 2024. Bitcoin’s previous high was nearly $69,000 in November 2021. This article takes a closer look at the reasons for these optimistic forecasts, exploring insights from various industry experts and financial analysts.

Key points to note from this article are:

• Standard Chartered expects Bitcoin to reach $100,000 by the end of 2024.
• Matrixport, a cryptocurrency financial services company, announced a forecast that Bitcoin could rise to $63,140 by April 2024 and then surge to $125,000 by the end of next year.
• Bitcoin’s dominance in the digital asset market has grown as miners have cut back on their sales.
• Expectations for the approval of a US Bitcoin ETF next year and the upcoming Bitcoin halving are driving the surge in the cryptocurrency market.
• Many analysts believe that the resolution of the FTX case and Binance’s agreement with the U.S. Department of Justice resolves two major issues that have been plaguing the market.

In a research report published on November 28 and referenced by various sources, including Business Insider, the banking heavyweight reaffirmed its optimistic Bitcoin price prediction.

Standard Chartered’s bold predictions

Headquartered in London, Standard Chartered serves a global customer base including individuals and businesses. Although it does not offer retail banking services in the UK, it has established itself as a major player in the global financial sector with extensive multi-billion dollar operations in regions such as Asia, Africa and the Middle East. This prominent position in the international financial environment has added additional attention to Standard Chartered’s bullish predictions for Bitcoin made earlier this month.

Standard Chartered, a British multinational bank, was at the forefront of these optimistic forecasts. Initially, in April, the bank predicted that Bitcoin would reach $100,000 by the end of 2024. This forecast was later revised in July to suggest a potential peak of $120,000. We now expect upward price movements to materialize before the halving than before. Especially since US cash ETFs were introduced earlier than expected,” wrote Geoff Kenrick, head of FX research at Standard Chartered.

Geoff Kendrick, the bank’s head of cryptocurrency research, attributes this optimistic outlook to a number of factors, including Bitcoin’s increasing dominance in the cryptocurrency market, declining Bitcoin sales by miners, and expectations for a U.S. spot Bitcoin ETF. said. This estimate supports the already positive outlook of major consumer banks regarding Bitcoin’s future growth. Our July analysis focused on the decline in BTC supply as an indicator of a potentially significant price increase. Kenrick specifically stated at the time that the goal would likely be $50,000 by the end of 2023.

The report signaled the start of a “crypto spring” and echoed forecasts first presented in April, when analysts predicted top digital currencies would achieve valuations in the six-figure range by the end of 2024. Already in 2023, Bitcoin has witnessed an incredible 130% surge, and this optimistic price outlook suggests a further rise exceeding 160%.

He also suggested that miners may start holding on to a larger portion of Bitcoin reserves, influenced by rising hash rates and the halving event, in which Bitcoin rewards per block are scheduled to be halved.

What Matrixport Research Says

Last week, Matrixport, a specialist cryptocurrency financial services company, released a forecast predicting that Bitcoin could rise to $63,140 by April 2024 and then surge to $125,000 by the end of next year.

“Our inflation model indicates that the overall macroeconomic environment will continue to favor cryptocurrencies,” Matrixport said in the report. “We expect inflation to decline further, allowing the Fed to cut interest rates.”

“This scenario, coupled with various global geopolitical factors, is likely to provide significant monetary support, propelling Bitcoin to reach new peaks in 2024,” the company added.

The Role of ETFs and Halving Events

A significant catalyst for this anticipated rise is the potential approval of a U.S. spot Bitcoin ETF. These ETFs are expected to increase Bitcoin’s mainstream appeal and investment by attracting institutional investors. Additionally, the Bitcoin halving event scheduled for April 2024, which will reduce Bitcoin mining rewards, is expected to further limit supply and potentially push prices higher.

“Geoff Kenrick, head of FX research at Standard Chartered, summarized: ‘Increasing profitability per bitcoin mine will allow miners to sell fewer coins while maintaining profits, reducing the overall supply of bitcoin and consequently causing the price of bitcoin to rise. BTC.’”

The story surrounding ETFs has attracted a lot of attention this month, with derivatives premiums surging and speculation growing about a possible January approval.

BTC’s price path reacted strongly to this news. In early November, markets experienced a sharp rise on expectations of imminent approval from U.S. regulators before January.

At the same time, concerns persist about major investors disposing of their holdings following approval. This is a classic case of the “buy the rumor, sell the news” scenario, a potentially disadvantageous situation for late entrants to the market.

This situation comes as the SEC’s efforts to prevent spot ETFs face several legal challenges. These ETFs are expected to bring new money into Bitcoin by allowing existing brokerage accounts to invest in the cryptocurrency.

Kendrick also pointed out that a decline in government bond yields could push Bitcoin higher since cryptocurrencies are often viewed as long-term investments. In particular, the 30-year yield fell to 4.60% from its peak of 5.17% in the previous month.

Standard Chartered’s bullish stance is also echoed by Bernstein analysts, who expect Bitcoin to potentially reach $150,000 by mid-2025, citing similar reasons related to supply constraints.

Views from Industry Executives

Crypto industry executives such as Ledger CEO Pascal Gauthier and Lightspark CEO David Marcus have expressed optimism about the future of Bitcoin. They see the resolution of recent industry issues, such as the FTX collapse and the legal issues faced by Binance, as paving the way for more focused technology development and mainstream adoption.

Bitcoin’s previous high was nearly $69,000 in November 2021. Since then, the cryptocurrency sector has faced numerous challenges, including project failures, bankruptcies, and legal issues. Notably, the collapse of the FTX exchange resulted in its founder, Sam Bankman-Fried, being found guilty on multiple counts of criminal fraud, potentially putting him in prison for over 100 years. At the same time, Binance’s Changpeng Zhao pleaded guilty to criminal charges and resigned as CEO under a $4.3 billion settlement with the U.S. Department of Justice. Many see this legal settlement as the final chapter in a major problem that has plagued the cryptocurrency market.

Take a look at the key statements of all of them.

• Ledger CEO Pascal Gauthier told CNBC that 2023 looks like a year of preparation for the coming bull market, with high expectations for 2024 and 2025.
• David Marcus, CEO of Lightspark and former head of Facebook’s Diem stablecoin project, told CNBC that moving beyond the speculative phase will allow the company to focus on developing the technology and solving real problems rather than just trading.
• Gauthier believes the potential ETF approval signals Bitcoin’s move toward mainstream acceptance.
• Vijay Ayyar, Vice President of International Markets at CoinDCX, said in an interview with CNBC that while a bull market is expected after the halving, news of the ETF could trigger an early rally, potentially excluding many investors and resulting in a significant price surge. Ayyar noted that the Bitcoin price is currently stabilizing below the critical threshold of $38,000, which bodes well for future growth. He suggested that if Bitcoin breaks above this level, it could potentially surge to $45,000 to $48,000. He also warned, “A blanket rejection of ETFs could significantly hinder this upward trend, so this is an important factor to keep an eye on.”

Bitcoin’s current market performance

According to the latest report, Bitcoin has seen significant gains, with the price exceeding $38,200. Its market capitalization is approximately $740 billion, and its dominance in the digital asset market has increased from 45% in April to approximately 50%. This growth has been driven by institutional interest and the overall rise of the cryptocurrency market.

Wall Street’s interest and macro environment

Wall Street’s growing interest in Bitcoin ETFs and the broader macroeconomic environment are also influencing Bitcoin price movements. Analysts from companies such as Bernstein have joined in with optimistic predictions, with some even predicting the price will reach $150,000 by mid-2025.

conclusion

The consensus among financial analysts, industry executives, and market observers is overwhelmingly positive about Bitcoin’s future. A combination of institutional interest, technological advancements, and macroeconomic factors appears to be pushing Bitcoin toward unprecedented heights. Although the cryptocurrency market is known to be volatile, current trends and expert predictions paint a promising picture of Bitcoin reaching or even surpassing $100,000 by the end of 2024.

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