See More

Standard Chartered Predicts Bitcoin at $100,000 in 2024

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Standard Chartered predicts Bitcoin (BTC) to reach $100,000 by 2024, driven by factors like Bitcoin miners' accumulation, halving and ETF approval.
  • Geoff Kendrick, Head of Crypto Research at Standard Chartered, suggests the $100,000 mark could be reached before end-2024 due to US spot ETFs.
  • Despite the bank's earlier prediction of Bitcoin hitting $50,000 by end-2023, the crypto asset is currently hovering around $38,000 as of writing.
  • promo

The British multinational bank Standard Chartered believes that Bitcoin (BTC) will hit the milestone of $100,000 in 2024. But what will propel the growth?

During the late 2022s, many mainstream financial experts believed that Bitcoin and the broader crypto market were set to be doomed. However, a lot has changed in the past 12 months, with Bitcoin rallying almost 150%.

Crypto Spring Has Sprung: Standard Chartered

According to Business Insider, Standard Chartered said in a note that Bitcoin will hit $100,000 by the end of 2024. Geoff Kendrick, the Head of Crypto Research at Standard Chartered believes that the following are the key drivers that will push the Bitcoin to $100,000:

  • Bitcoin miners’ accumulation of BTC
  • Bitcoin halving
  • Approval of a spot Bitcoin exchange-traded fund (ETF)

Indeed, the screenshot below shows that the Bitcoin miners’ BTC balance has continued to increase from December 2022. But, it is worth noting that there has been a heavy decrease in miners’ balance since late October 2023.

Bitcoin Balance in Miners' Wallets
Bitcoin Balance in Miners’ Wallets. Source: Glassnode

Indeed, Bitcoin halving introduces a supply shock in the circulation of BTC. On every halving, the block rewards given to miners get divided in half. Specifically, the 2024 Bitcoin halving will reduce the block reward allocation from 6.25 BTC to 3.75 BTC.

Read more: Bitcoin Halving Cycles and Investment Strategies: What To Know

Standard Chartered Sees Spike in Bitcoin (BTC) Demand

However in 2024, Standard Chartered believes that along with supply shock, there will be a demand spike with the approval of a spot Bitcoin ETF. Kendrick wrote:

“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. This suggests a risk that the $100,000 level could be reached before end-2024.”

In July, BeInCrypto reported that Standard Chartered predicted Bitcoin to hit $50,000 by the end of 2023. 

However, at the end of November 2023, BTC is hovering around $38,000. The question is can the flagship crypto asset manage a more than 30% gain in the last month of the year?

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Do you have anything to say about Standard Chartered Bitcoin prediction or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto projects in the US | April 2024



In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.