The UK multinational bank has retraced its optimistic perspective regarding the biggest digital coin to declare its recent trend, affirming crypto to sustain green to higher levels.
According to Standard Chartered, a multinational bank, Bitcoin will hit $100000 by next year. In April, the bank made its initial optimistic predictions, forecasting that by the end of next year, the most prominent digital coin would hit $100000. In July, its analysts predicted that Bitcoin might hit $120000 in that similar period.
Standard Chartered Forecast Bitcoin Price to Surge
The prolonged bear market that led this year lately depicts thawing indicators. Standard Chartered Bank again claims that Bitcoin might hit $100000, with a Bitcoin exchange-traded fund (ETF) being a catalyst.
According to a report, the bank anticipates a price upside before the halving compared to its previous expectations. In particular, it will happen through the earlier-than-anticipated unveiling of United States exchange-traded funds. This indicates a danger that the $100000 level might be attained before the end of next year.
According to the bank, the ‘halving’ under consideration is where the Bitcoin amount awarded to miners is split into two. Despite a request for comment, the bank did not respond.
Crypto Firms Awaits for Bitcoin Halving
Halving is considered an optimistic pointer for the asset since it minimizes the Bitcoin supply that miners can drop onto the market. The price and demand for the circulating coins are pushed up. Earlier, Standard Chartered claimed this would result in a price increase for the most prominent digital asset.
However, in its most recent report, a spot Bitcoin ETF approval might result in faster appreciation to a greater price. For instance, several famous Wall Street investment companies led by BlackRock and Fidelity have applied to the United States Securities and Exchange Commission (SEC) for their Bitcoin exchange-traded fund.
The ETF involves an investment product that would expose traditional investors to Bitcoin without being concerned about storing and purchasing the cryptocurrency on an exchange. Some analysts claim the asset’s price will surge if several institutions embrace crypto.