Is the rather favorable environment of recent weeks a harbinger of a real bull run? Yes, according to British bank Standard Chartered, which sees Bitcoin reaching $100,000 next year. What’s the basis for this
?
Standard Chartered optimistic about Bitcoin price
Recently, Bitcoin’s price surpassed $38,000, a threshold not reached since May 2022. The largest cryptocurrency has turned green in recent weeks, and more than one institution has made a prediction. Such is the case with British bank Standard Chartered, which delivered its outlook this week.
According to Geoff Kendrick, head of cryptocurrency research, the Bitcoin price is still on course for $100,000 by the end of 2024. The analyst draws on the enthusiasm surrounding spot Bitcoin ETFs, believing they should be approved “surely sooner than anyone expects. “
“We expect a number of spot ETFs to be approved in the first quarter of 2024, both for BTC and ETH, which will lead to institutional investments. “
Standard Chartered analysts therefore reiterate the prevailing view at the moment regarding Bitcoin ETFs, and their potential catalyst status. Few institutions disagree with this interpretation. However, it’s worth noting the opinion of JPMorgan, which two weeks ago felt that Bitcoin ETFs would not be the windfall they had hoped for.
Bitcoin price approaches $40,000
The Bitcoin price has been clearly on an upward trend in November. Since the beginning of the month, it has risen by 12%. The world’s largest cryptocurrency seems to be recovering from the low point it reached last year: over the year, it is up +131%.
Bitcoin’s price progression since the beginning of November
The major cryptocurrencies are also in the green this month, with Ethereum ETH taking +15% on the month. The gains of some assets are even sharper. These include Cardano’s ADA (+31% over the month) and Solana’s SOL (+82%). BNB, which is struggling with Binance’s legal troubles, rose by just 2% over the same period.
