Bitcoin News and Finance
Standard Chartered Anticipates Bitcoin Reaching $100,000 Sooner Than Expected Skip to main content

Standard Chartered Anticipates Bitcoin Reaching $100,000 Sooner Than Expected

Standard Chartered Anticipates Bitcoin Reaching $100,000 Sooner Than Expected

Standard Chartered Bank has doubled down on its bitcoin price forecast of $100,000 next year with increased optimism on the timing. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot [bitcoin] ETFs,” the bank’s analyst described.

Standard Chartered’s Bitcoin Price Prediction

Standard Chartered Bank has reiterated its bitcoin price forecast of $100,000 with more price upside happening sooner than it previously predicted. In a note published Tuesday, Standard Chartered’s head of crypto research and Western emerging markets FX, Geoff Kendrick, wrote that “crypto spring has sprung.”

The analyst explained that bitcoin’s unwavering dominance in the cryptocurrency space and heightened token hoarding by miners continue to drive the asset’s upward trajectory. Bitcoin’s share of the crypto market cap rose from 45% in April to approximately 50% while its value surged by over $10,000. The price upswing has sparked renewed interest in the cryptocurrency space. Kendrick shared:

Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space.

As bitcoin’s price escalates, miners are increasingly holding onto their BTC, leading to a sharp decline in mined bitcoin sales to around 80% in the fourth quarter. The upcoming Bitcoin halving in April will further reduce the supply of new bitcoin. Kendrick noted that historically, bitcoin prices peaked 12-18 months after a halving.

The bank initially forecasted a bitcoin price of $100,000 back in April, declaring that crypto winter is over and anticipating that the price could reach $100,000 by the end of 2024. In July, the bank adjusted its prediction, stating that BTC could reach $120,000 next year while emphasizing that crypto winter has ended.

The Standard Chartered analyst further explained that an unexpected positive development is unfolding on the demand side, with an increasing probability of spot bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC). Kendrick detailed:

We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs. This suggests a risk that the USD 100,000 level could be reached before end-2024.

Many analysts expect the SEC to approve multiple spot bitcoin ETFs next year, including one from Blackrock, the world’s largest asset manager. SEC Chairman Gary Gensler recently stated that the securities regulator is considering between eight and 10 spot bitcoin ETF applications.

What do you think about Standard Chartered Bank’s bitcoin price forecast? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory