Amid its recent prediction for Bitcoin (BTC) to reach $100,000 next year, Standard Chartered has also forecasted that an eventual Spot Bitcoin ETF will drive 165% price gains in 2024. Indeed, the international banking group has identified the product to lead the asset’s massive surge.
The US Securities and Exchange Commission (SEC) is currently reviewing more than a dozen spot Bitcoin ETF applications. Subsequently, an eventual approval would be the first of its kind in the United States. Moreover, it would certainly catapult the asset, bringing it closer to Standard Chartered’s lofty expectations for its performance next year.
Also Read: Bitcoin (BTC): Standard Chartered Predicts $100,000 Price in 2024
Standard Chartered Predicts Massive Gains to Come From Spot Bitcoin ETF Approval
For much of this year, the potential approval of a spot Bitcoin ETF has dominated the digital asset sector. With asset management firms like BlackRock and Fidelity seeking approval, it has garnered a lot of excitement around how it will perform if approved. Subsequently, one international banking entity has high expectations for that performance.
Indeed, Standard Chartered has stated that a Spot Bitcoin ETF approval would bring forth 165% gains in 2024. Moreover, that prediction was made in conjunction with the forecasted $100,000 price for Bitcoin heading into next year. Originally made in April, Standard Chartered has doubled down on its Bitcoin proclamation, and it seems as though an eventual ETF is a large part of that.
Also Read: SEC Clears Regulatory Runway for Bitcoin’s ETF
The bank has stated that a “crypto spring” has begun to Business Insider, calling an end to the crypto winter. Additionally, the bank had noted the upcoming Bitcoin halving of next year to coincide with the ETF. Altogether, the circumstances would provide an environment that would lead to massive gains for the asset.
“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,” said the baks head of EM FX Research, Geoff Kendrick. “This suggests a risk that the USD 100,000 level could be reached before end-2024.”