Bitcoin Remains on Track for $100K by Year-End 2024: Standard Chartered
An earlier-than-expected spot bitcoin ETF in the U.S. could be the key catalyst, said the bank.
Things are going as expected, according to Standard Chartered Bank, reiterating its April forecast that bitcoin [BTC] would reach $100,000 by the end of 2024.
The next catalyst, wrote the bank's Geoff Kendrick and team, will be the approvals of several U.S.-based spot bitcoin ETFs, which they expect “are likely to come sooner than expected."
“We think a number of spot ETFs will now be approved in Q1-2024 for both BTC and ETH, paving the way for institutional investment,” they said.
The team also reminded that the next Bitcoin ‘halving’ – a mechanism to limit supply and currently expected to take place in late April 2024 – will be another source of price upside.
Standard Chartered initially made its $100,000 prediction in April, arguing then that the cryptocurrency had benefited from its status as a branded safe haven.
“Put simply, everything is working as expected," said the bank in its reiteration today. "BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50% from 45% in April."
There is also a chance that the cryptocurrency will climb to the $100,000 mark before the end of the year, the bank said. “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.”
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Bitcoin’s Long-Term Holders Hit Cyclical Low as Sell Pressure Finally Eases
Long-term holder supply bottomed when bitcoin sank to $80K, signaling that the wave of spot-driven selling may be nearing exhaustion as prices rebound to $90K.
What to know:
- Long-term holder supply fell to 14.33M BTC in November, its lowest level since March, coinciding with bitcoin’s $80K correction low.
- The rebound to $90K suggests the bulk of spot-driven selling from seasoned holders has passed after a 36% peak-to-trough decline.
- Unlike prior cycles, LTH behavior in 2025 shows more measured distribution rather than blow-off-top capitulation, signaling a shift in market structure.
