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Bitcoin ETF hype set to skyrocket prices by 200% in 2024

TL;DR

  • Standard Chartered predicts Bitcoin could reach $100,000 by the end of 2024, driven by the early introduction of Bitcoin ETFs.
  • Bitcoin’s value has already increased by 130% in 2023, with a further rise of over 160% expected.
  • The forecast includes factors like Bitcoin’s market dominance, increasing interest in the crypto space, and miners holding onto their tokens.
  • The upcoming Bitcoin halving in April is also expected to contribute to the price increase.

The world of cryptocurrency is buzzing with the latest forecast from Standard Chartered, suggesting a meteoric rise in Bitcoin’s value, potentially reaching the $100,000 mark by the end of 2024. This bullish prediction hinges on the anticipated introduction of Bitcoin ETFs (exchange-traded fund) into the market, a development that could redefine the crypto landscape.

A New Spring in Crypto’s Step

Bitcoin has already demonstrated a remarkable performance in 2023, surging by 130%. The potential growth of over 160% in the coming year adds an extra layer of excitement to this digital currency narrative.

According to Geoff Kendrick, head of FX research at Standard Chartered, Bitcoin’s dominance in the crypto space is a significant factor driving its ascent.

The digital currency has seen its market cap share leap from 45% to about 50% since April, translating to an impressive $10,000 increase in its value. This rise in Bitcoin’s prominence has sparked a renewed interest in cryptocurrencies sooner than many analysts predicted.

Kendrick notes that the overall growth of the digital assets market is poised to be a more substantial influence on Bitcoin’s price than its individual dominance. This shift suggests a broader acceptance and integration of cryptocurrencies in the financial world.

The Road to $100,000: Factors and Forecasts

The journey to this six-figure summit for Bitcoin isn’t just about market dominance. There’s a significant transformation happening on the supply side as well.

Miners are increasingly holding onto their Bitcoin tokens, with sales dropping to around 80% in the fourth quarter. This trend is expected to intensify with the upcoming Bitcoin halving in April, an event that historically leads to a price peak within 12 to 18 months.

However, the real game-changer could be the introduction of spot Bitcoin ETFs in the US market. Despite the SEC’s resistance, with several court losses on record, the path seems to be clearing for these ETFs. Their approval would unlock a new avenue for traditional brokerage accounts to access Bitcoin, potentially funneling fresh capital into the cryptocurrency.

Moreover, falling Treasury yields could play a role in propelling Bitcoin further. As Kendrick points out, the drop in the 30-year yield to 4.60% from the previous month’s high of 5.17% is a positive sign for long-term crypto trades.

This optimistic outlook is not exclusive to Standard Chartered. Analysts at Bernstein have joined the bullish chorus, projecting that Bitcoin could soar as high as $150,000 by mid-2025, citing similar supply-driven reasons.

As the financial world braces for these dynamic changes, the anticipation surrounding Bitcoin ETFs continues to grow. If the predictions hold true, we could witness an unprecedented surge in Bitcoin’s value, reshaping the economic landscape.

This potential leap in Bitcoin’s price, driven by a combination of market dynamics and innovative financial products, marks an exciting chapter in the story of digital currencies. As we move closer to 2024, all eyes are on Bitcoin, waiting to see if this digital titan will indeed reach new heights of economic glory.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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