Standard Chartered Bank predicts: Bitcoin price will soar to $100,000
With the continuous development of the cryptocurrency market, predictions from global financial institutions have been attracting market attention. Recently, Standard Chartered Bank in the UK made a bold prediction about the future price of Bitcoin, sparking lively discussions among investors and analysts.
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Standard Chartered's Bullish Predictions
In April of this year, Standard Chartered Bank expressed optimism towards Bitcoin for the first time, predicting that the price of Bitcoin would reach $100,000 by the end of 2024. In their analysis report in July of this year, they further suggested that the price of Bitcoin could potentially surpass $120,000. Recently, Standard Chartered Bank reiterated their view that Bitcoin would reach $100,000 by the end of 2024.
Thawing Signs and the Role of ETFs
Despite Bitcoin experiencing a prolonged bear market in 2023, recent market trends have shown signs of recovery. Standard Chartered Bank believes that the introduction of Bitcoin spot ETFs will be a key factor in driving price increases.
Glassnode Research: Optimism for Bitcoin spot ETF could bring $700 billion in capital
Standard Chartered Bank also emphasized that the approval of Bitcoin spot ETFs in the United States could lead to a faster increase in the price of Bitcoin. Currently, several Wall Street investment firms, including BlackRock, have applied to the U.S. Securities and Exchange Commission (SEC) to launch their own Bitcoin ETFs.
Paving the Way for Traditional Investors
Such Bitcoin ETFs will provide traditional investors with a more convenient way to access Bitcoin without worrying about issues related to cryptocurrency storage or purchasing on exchanges. If a large number of institutional investors enter this market, the price of Bitcoin may rise as a result.
Halving Event: A Crucial Moment for Bitcoin
The report also mentioned the "Bitcoin halving" event, which is often seen as a bullish signal as it reduces the supply of Bitcoin in the market, thereby increasing the demand and price of existing Bitcoin.
Predictions Are for Reference Only
Standard Chartered Bank's prediction undoubtedly adds more optimistic expectations for the future of Bitcoin. However, the volatility of the cryptocurrency market remains high, and investors should approach these predictions with caution and conduct comprehensive market analysis and risk assessment.
ETFs Also Have Negative Risks
It is not guaranteed that ETFs will bring long-term positive price support.
Researcher Yu Zhe'an believes that spot ETFs do meet the expectations of the cryptocurrency community, and a large influx of traditional financial investors buying Bitcoin spot ETFs can effectively boost the price of Bitcoin. However, spot ETFs also raise concerns about loose capital.
Yu Zhe'an's Perspective: Bitcoin Spot ETF = Bull Market? Understanding the Blind Spots and Actual Impact of Bitcoin ETFs
Illustration of ETFs: How does the SEC's preferred ETF cash mode differ from BlackRock's physical Bitcoin ETF?