In a note to clients, the analysts say they anticipate the next catalyst to send Bitcoin’s price even higher will be the approval of %Cryptocurrency exchange-traded funds (ETFs), which they expect to happen soon.
Standard Chartered also noted the next Bitcoin “halving” even that is coming up in April 2024, which is a mechanism to limit the supply of Bitcoin.
Standard Chartered initially made its $100,000 U.S. price prediction for Bitcoin in April of this year, saying that the largest crypto had benefited from its status as a safe haven asset in times of turmoil.
Now, the bank says there is a chance that the price of Bitcoin will reach the $100,000 U.S. mark before the end of next year.
Bitcoin’s price has risen 130% this year to $38,250 U.S. The cryptocurrency’s all-time high was $68,000 U.S. reached in November 2021 when the market last peaked.