November 27, 2023
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November 29, 2023
Standard Chartered reiterates its April prediction that Bitcoin will reach $100,000 by the end of 2024.
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The bank anticipates the approval of U.S.-based spot Bitcoin ETFs, expecting them "sooner than expected," to be a significant catalyst for Bitcoin's growth.
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Standard Chartered suggests that several spot ETFs for both Bitcoin (BTC) and Ethereum (ETH) are likely to be approved in Q1-2024, opening doors for institutional investment.
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The next Bitcoin 'halving' in late April 2024 is identified as another potential source of price upside, as it acts to limit the cryptocurrency's supply.
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The bank had initially made the $100,000 prediction in April, citing Bitcoin's status as a branded safe haven.
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Standard Chartered notes that Bitcoin's dominance in the overall digital assets market cap has increased from 45% in April to 50%.
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The bank states that "everything is working as expected," expressing confidence in the cryptocurrency market's dynamics.
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Bitcoin may hit $100K sooner, thanks to early U.S. ETFs, posing a risk of reaching the milestone before 2024.
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