Standard Chartered SCBFY has reaffirmed its outlook for Bitcoin's BTC/USD price to peak to $100,000 by/before the end of 2024.
“Things are moving as expected," the bank proclaimed, echoing its message from April that the so-called crypto winter is over.
What Happened: “Put simply, everything is working as expected," the bank's Geoff Kendrick stated. "BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50% from 45% in April.”
Based on CoinMarketCap data, BTC's dominance in the crypto market is currently at 52.06%.
CoinDesk reports citing the team, “We think a number of spot ETFs will now be approved in Q1 of 2024 for both BTC and ETH, paving the way for institutional investment.”
The price rally is also likely to originate from the upcoming Bitcoin halving event in April 2024 which is mainly to limit supply. Historically, prices have seen an upward movement ahead and after the halving event.
Why It Matters: Bitcoin price today pushed ahead of the $38,000 mark first time after Nov. 24. The movement came on the heels of Fed governor Chris Waller's comments that October data and current forecasts for the rest of fourth quarter are indicating an ease in activity. Inflation data is also moving in the right direction taking the U.S. Federal Reserve policy to the right spot.
Notably, the COP28 in the UAE will have its first-ever official Bitcoin mining delegation with a high-quality panel. This clearly highlights the fact that the presence of Bitcoin at one of the most high-profile annual climate change conferences is notable progress that the industry has made.
At the time of writing, BTC price has seen accumulated gains of around 3% in the past 24 hours with market cap (+3%) and trading volume (+1.8%) moving marginally higher in the same period.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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