- Bitcoin remains on track to reach $100,000 by end of 2024 despite ongoing crypto crash according to Standard Chartered
- Key catalyst could be earlier-than-expected approval of spot bitcoin ETF in U.S., as bitcoin adoption continues to grow
- Long-term bitcoin price outlook remains positive though may see more downside near-term; Standard Chartered has base-case target of $36,000 by end 2022
Bitcoin remains on track to reach $100,000 by the end of 2024 despite the ongoing crypto market crash, according to Standard Chartered.
Bitcoin ETF Could Be Key Catalyst
An earlier-than-expected spot bitcoin exchange-traded fund (ETF) in the U.S. could be the key catalyst that sends Bitcoin to $100,000, the bank said.
A spot bitcoin ETF would allow investors to gain direct exposure to the cryptocurrency without having to purchase and custody it themselves.
Several companies have applied to launch spot bitcoin ETFs in the U.S., but all applications have been rejected or delayed by the Securities and Exchange Commission (SEC) so far.
Bitcoin Adoption Growing
Standard Chartered analysts said bitcoin’s adoption continues to grow despite the price crash. The number of Bitcoin wallet addresses has increased by more than 5% this year, and trading volumes are up.
Institutional adoption is also rising, with Fidelity Investments launching a spot Bitcoin ETF in Canada earlier this month.
Long-Term Price Outlook Positive
The bank believes bitcoin’s long-term price outlook remains positive even though it could see more downside in the near term.
“Any price appreciation from current levels will likely be more gradual and moderate,” the analysts wrote in a report. “Bitcoin is undergoing a transition towards a financial asset with increased adoption and regulation.”
Standard Chartered has a base-case price target of $36,000 for bitcoin by the end of 2022 and $50,000 by the end of 2023. The bank sees bitcoin potentially reaching $175,000 if crypto adoption accelerates faster than expected.
