Bitcoin's Century Surge: Anticipating $100K Milestone by December 2024, Affirms Standard Chartered

An unexpected acceleration in the approval process for spot bitcoin exchange-traded funds (ETFs) in the United States may emerge as the primary catalyst, as per Standard Chartered Bank. Affirming its previous forecast made in April, the bank asserts that the trajectory of Bitcoin (BTC) is in line with its prediction of reaching $100,000 by the end of 2024.

Geoff Kendrick and the bank's team highlight the imminent catalyst, focusing on the anticipated approvals of various spot bitcoin ETFs based in the U.S. They express confidence that these approvals might happen "earlier than anticipated," envisioning a scenario where "several spot ETFs are likely to receive approval in Q1-2024 for both BTC and ETH, paving the way for institutional investment."

The team emphasizes another potential source of upward momentum by pointing to the upcoming Bitcoin 'halving,' a mechanism that limits supply and is expected to occur in late April 2024. Standard Chartered initially presented its $100,000 projection in April, attributing Bitcoin's rise to its acknowledged status as a secure haven.

In reaffirming their conviction, the bank declares, 

"In simple terms, everything is proceeding as anticipated."

They underscore BTC's sustained dominance, observing its increased market cap share from 45% in April to 50%.

Moreover, the bank introduces the prospect of Bitcoin surging to the $100,000 milestone ahead of schedule. They anticipate additional price appreciation before the halving, particularly with the earlier-than-expected introduction of U.S. spot ETFs. This introduces a level of risk, suggesting that the $100,000 threshold might be reached before the conclusion of 2024.

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