Standard Chartered Predicts 165% Boost in Bitcoin Price with Launch of ETFs by 2024

According to Cointelegraph: Standard Chartered posits that the launch of exchange-traded funds (ETFs) for Bitcoin could drive a massive price surge for the premier cryptocurrency. The banking giant's research note released on November 28 predicts Bitcoin could hit $100,000 within the next year, owing to ETFs launching "earlier than expected." Spot Bitcoin ETF application data. Source: James Seyffart/X Standard Chartered's upbeat outlook on Bitcoin aligns with the possibility of the United States approving Bitcoin spot price ETFs, suggesting that BTC/USD could almost triple from its current standing around $37,700 within the next 12 months. Geoff Kenrick, the head of EM FX Research, West and Crypto Research at Standard Chartered, elaborates, "We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs." The expectation of the Bitcoin ETF narrative became the main talking point in November, with escalating anticipation of an impending green light from U.S. regulators by January. Consequently, the Bitcoin price trajectory has been sensitive to ETF-related news, with significant market gains witnessed primarily due to this anticipation. However, there are some concerns about a potential price drop following larger investors selling off after the approval, an instance of "buy the rumor, sell the news".