Bitcoin 'will be 100 thousand dollars' prediction!

As the leading cryptocurrency Bitcoin experiences strong price gains in the run-up to Christmas, one bank is predicting that the leading cryptocurrency could be poised for another major rally, more than doubling from current levels by the end of 2024.

Bitcoin's fortunes began to change in early October with growing expectations that the first Bitcoin spot exchange-traded fund (ETF) would be approved in the US. Geoff Kendrick, head of FX and digital assets research at Standard Chartered, said the final approval of the long-awaited Bitcoin ETF could trigger another surge in prices.

100 thousand dollar expectation The optimistic forecasts come as Bitcoin prices have more than doubled from their September low of $25,000. The digital currency last traded just below $43,000.

In his 2024 forecast, Kendrick reiterated his expectation that bitcoin prices will hit $100,000 next year.

"We expect a number of spot ETFs to be approved for both BTC and ETH in Q1 2024. This will pave the way for institutional investment. We now expect further price gains to occur before the halving, especially in the US with spot ETFs launching earlier than expected.

This suggests that the $100,000 level is likely to be captured before the end of 2024," they added.