Giant Bank Predicts BTC Price to US$100,000 by the End of 2024

British banking giant Standard Chartered remains bullish about the prospects for Bitcoin (BTC), repeating their prediction from April that the price of BTC would reach US$100,000 by the end of 2024. 

This belief arises amidst developing market dynamics and various catalysts that could influence the price trajectory of this main cryptocurrency.

The bank's team, led by Geoff Kendrick, pointed to the impending approval of several US-based spot Bitcoin ETFs as a key catalyst. They estimate these approvals will occur earlier than expected, especially in the first quarter of 2024. 

“We think a number of spot ETFs will now be approved in Q1 2024 for BTC and ETH, paving the way for institutional investment,” the team said.

BTC Price Prediction 

Based on the Coindesk report, in its analysis, the Standard Chartered team emphasized the importance of the next Bitcoin halving event, which is expected to occur at the end of April 2024. 

Halving is a built-in feature of the Bitcoin protocol, designed to reduce the reward for mining new blocks, effectively cutting the rate at which new Bitcoins are generated. This event has historically been associated with an increase in BTC prices, as it limits supply. 

This prediction aligns with the bank's initial stance from April, where they highlighted Bitcoin's growing role as a branded safe harbor in the world of finance. Since then, BTC's dominance in the digital asset market has strengthened, growing from a 45 percent market share in April to 50 percent. 

Interestingly, Standard Chartered speculates that Bitcoin could reach the 6-digit milestone, aka US$100,000, even before their predicted timeline. They attribute this potential acceleration to the early introduction of spot ETFs in the US.

This development, according to them, could stimulate significant price increases ahead of the halving. 

Currently, BTC price is meeting resistance at around US$38,000, which is considered a significant supply zone. Bitcoin price behavior has been influenced by expanding channel patterns, which indicate potential paths for price movement. 

The prices of these major cryptos have fluctuated in such patterns, showing their influence on market sentiment. 

Coingape reports that, a breakout above US$38,000 could lead to increased buying pressure, pushing the price further upwards, while a collapse below the pattern's support trendline might lead to a price correction.

Crypto markets, in general, have been subject to considerable volatility. Recent events, such as delays in spot Bitcoin ETF approval and legal challenges faced by Binance, have contributed to this volatility. 

Bitcoin, in particular, has shown signs of de-correlation from some altcoins, as observed by popular crypto analyst CryptoBusy. 

This analysis, based on data from Kaiko, highlights significant differences in price movements between Bitcoin and altcoins such as XRP, BNB, DOGE and ADA in the last 60 days. These trends indicate changes in investor sentiment and strategy, perhaps driven by the unique circumstances and uncertainties that exist in the markets.