Home Bitcoin News Bitcoin’s Potential Surge: Analysts Foresee a 165% Price Increase by 2024 with ETF Optimism

Bitcoin’s Potential Surge: Analysts Foresee a 165% Price Increase by 2024 with ETF Optimism

Bitcoin price prediction

In a bullish forecast shaking the financial landscape, experts anticipate a significant surge in Bitcoin’s price, predicting a potential leap of 165% to hit $100,000 by 2024. This optimistic outlook revolves around the much-awaited Exchange-Traded Funds (ETFs), raising the anticipation and fervor within the cryptocurrency market.

Standard Chartered, a prominent banking giant, recently underscored its bullish stance on Bitcoin’s trajectory in a research note. Their analysts doubled down on their earlier projections, suggesting that Bitcoin’s current value of $37,700 could nearly triple due to the arrival of US spot price ETFs. Geoff Kenrick, Head of EM FX Research at Standard Chartered, emphasized that this anticipation indicates a likelihood of breaching the $100,000 milestone sooner than expected, possibly before the close of 2024.

This bullish sentiment aligns with the bank’s earlier optimistic view in July, citing diminishing BTC supply availability as a driving force for higher future prices. At that time, Kenrick had foreseen a target of $50,000 for the end of the year, underscoring the potential impact of miners hoarding BTC stocks amid increasing hash rates and the imminent block subsidy halving, which decreases BTC earned per block by 50%.

The spotlight in recent months has been firmly on the ETF narrative, with speculation and excitement intensifying as derivatives premiums surge and the possibility of regulatory approval in the United States looms closer, potentially in January.

Bitcoin’s price trajectory has shown sensitivity to news surrounding the ETFs. Notably, in November, the market experienced a rapid surge in anticipation of a potential approval from US regulators during the January window.

However, amidst the excitement, concerns persist regarding the potential sell-off by large-volume investors once the approval is granted, leading to a potential “buy the rumor, sell the news” scenario. Such an eventuality could leave latecomers in a precarious position, potentially at a loss.

The anticipation surrounding the introduction of ETFs for Bitcoin marks a pivotal moment in the cryptocurrency landscape, holding the promise of reshaping its future trajectory. The market sentiment and future price trends are intertwined with the regulatory decisions and investor behavior, creating an environment ripe with both opportunity and caution.

As Bitcoin continues to navigate its way through the ever-evolving financial ecosystem, the eyes of investors, traders, and enthusiasts remain fixated on the unfolding ETF saga, eagerly anticipating its potential impact on the cryptocurrency’s valuation.

Their analysis hinges on the potentially game-changing introduction of exchange-traded funds (ETFs) linked to Bitcoin, notably in the United States. Kenrick emphasizes that this earlier-than-expected debut of US spot ETFs could catapult Bitcoin’s current value of around $37,700 to unparalleled heights, approaching the six-figure mark.

This exuberant forecast is a continuation of Standard Chartered’s persistently optimistic view of Bitcoin’s trajectory. Their outlook earlier this year was rooted in the diminishing availability of Bitcoin supply. Kenrick, in a nod to this dwindling supply, initially suggested a target of $50,000 by the end of this year.

The intricate dance of Bitcoin mining dynamics was also a factor in their projections. Kenrick highlighted the increased profitability for miners per Bitcoin mined, enabling them to reduce selling while maintaining cash inflows. Consequently, this could restrict the net supply of Bitcoin, pushing prices upward—a compelling thesis that continues to resonate in the cryptocurrency sphere.

However, the current buzz around ETFs has spotlighted a critical driver in this narrative. Derivatives premiums are soaring, and the fervor surrounding a potential ETF approval in January 2024 is palpable. Market sentiments have been riding the waves of anticipation, with earlier spikes in November signaling market reaction to regulatory possibilities.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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