Standard Chartered Bank: Bitcoin will reach $100,000 by the end of 2024, and the approval of a Bitcoin spot ETF may be a catalyst

ChainCatcher news, according to The Block, Standard Chartered analysts stated in a report that the velocity of Bitcoin is at a historical low, indicating a significant change in market sentiment compared to the previous bear market cycle. Bitcoin holders are now unwilling to sell, and buyers will need to seek new supply price points to make purchases. The forecast from April remains valid, predicting that Bitcoin will reach $100,000 by the end of 2024.

Geoff Kendrick, head of foreign exchange research at Standard Chartered, stated that the main catalyst for the price increase will be the approval of several U.S. spot Bitcoin ETFs, which are expected to be approved sooner than anticipated.