Will Bitcoin Bulls Remain Restless Until the End of 2024?

• Standard Chartered Forecasts Bitcoin to Hit $100,000 by 2024.
• A Mysterious wallet accumulates $424M worth Bitcoin.

In a recent report by the British multinational bank Standard Chartered, a bold prediction has emerged regarding the trajectory of Bitcoin’s value. The bank projects a staggering surge in Bitcoin’s worth, estimating it to reach an impressive $100,000 by the close of 2024.

This forecast stands as a reaffirmation of the bank’s earlier prediction from April of this year, which stated the conclusion of the crypto winter and hinted at the onset of a ‘crypto spring.’ Highlighting the factors propelling Bitcoin’s ascent, the report cited the turmoil within the banking sector earlier this year. It acknowledges its role in reinstating Bitcoin’s status as a decentralized and scarce digital asset.

However, what’s currently stirring anticipation among investors and enthusiasts alike is the bank’s anticipation of the approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC. According to the head of crypto strategy and emerging markets FX at Standard Chartered, Geoff Kendrick, the bank believes these approvals could arrive earlier than initially anticipated. It might potentially be in Q1 2024. This is expected to pave the way for substantial institutional investments in both BTC and ETH.

Moreover, the report emphasizes the significance of the upcoming Bitcoin halving event in 2024. Past instances of Bitcoin halving events have historically led to subsequent bullish trends in the crypto market.

The bank’s forecast gains credibility from Bitcoin’s remarkable performance in 2023, having surged by 130 percent. Standard Chartered notes, “BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50 percent from 45 percent in April.”

Additionally, there’s speculation surrounding a mysterious wallet holder who has accumulated 11,268 bitcoins, valued at $424 million since November 10. This individual now ranks as the 74th largest holder of BTC. Their buying spree, included 875 tokens acquired today. It raises questions about potential ties to U.S. asset management giants aiming to launch spot Bitcoin ETFs.

The implications of a spot ETF approval are substantial, as affirmed by VanEck advisor Gabor Gurbacs, who suggests it could generate trillions in value even with a conservative demand of $20 billion to $30 billion.

BTC Price Analysis

Analyzing Bitcoin’s recent price trends, there’s a prevailing bullish sentiment. Notably, the 9-day exponential moving average (EMA) was recorded below the trading price at $37546. It further emphasizes the bullish sentiment. The daily relative strength index (RSI) stands at 60, indicating a neutral position. However, trading volume has decreased by 8% in the last 24 hours, resting at $20 billion.

The current price stands just below $38,000. It is with prospects of surpassing key resistance levels if it breaches $38,320 or faces potential declines below $37,720.

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• Source: https://thenewscrypto.com/will-bitcoin-bulls-remain-restless-until-the-end-of-2024/