Standard Chartered Forecasts Bitcoin Price to Reach $100,000 by 2024: Optimistic Outlook and Factors Influencing Growth
The latest forecasts from Standard Chartered have sent shockwaves through the cryptocurrency market, predicting that the price of Bitcoin could soar to $100,000 by the end of 2024. This optimistic outlook is based on a combination of economic and technical factors that could potentially drive the value of Bitcoin to new heights in the coming months.
Standard Chartered Bank, a major player in wealth management with assets totaling $820 billion, has set its sights on Bitcoin reaching a new all-time high by August, with a target of $100,000 by November. Geoffrey Kendrick, head of digital asset research at the bank, believes that the upcoming U.S. presidential elections could play a significant role in shaping Bitcoin’s trajectory.
The approval of the ETF Spot on Bitcoin earlier this year propelled Bitcoin to its current all-time high of over $73,000 in March. Now, with the presidential race in the United States looming, Kendrick suggests that this could be the catalyst for an even more substantial rally in the cryptocurrency market.
The impact of the U.S. elections on Bitcoin is a key factor to consider, with Kendrick highlighting the potential consequences of different scenarios. If Joe Biden remains in the race, it could lead to a surge in Bitcoin prices. However, if Biden were to withdraw, it could result in a significant drop in the price of Bitcoin.
The growth of spot ETFs on Bitcoin has also been a driving force behind the recent surge in investments in the cryptocurrency market. Despite a slight dip in the price of Bitcoin, spot Bitcoin funds have seen net inflows of $790 million, with the iShares Bitcoin Trust by BlackRock attracting over $1 billion in investments.
The possibility of a spot crypto ETF hitting the market soon has further fueled optimism in the cryptocurrency sector, with regulators and potential issuers working towards obtaining approval. This move could signal a shift towards greater acceptance of cryptocurrencies by traditional financial institutions and pave the way for increased investments in the sector.
In conclusion, the forecasts from Standard Chartered paint a promising picture for the future of Bitcoin, highlighting the importance of staying informed about market trends and political developments to make informed investment decisions. With the potential for Bitcoin to reach new heights in the coming months, now is an exciting time to be involved in the world of cryptocurrency.
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