With a 90% certainty, market analysts predict the approval and launch of the Bitcoin ETF in January 2024, meanwhile the renowned bank Standard Chartered continues to affirm its positive forecasts on the performance of Bitcoin.
Standard Chartered Bank’s forecasts after the approval of the Bitcoin ETF
Standard Chartered’s projection of Bitcoin at $100,000 not only confirms its previous forecasts from April but also aligns impeccably with Bitcoin’s current growth trajectory.
The significant increase in the value of BTC can be attributed to several factors, with particular emphasis on the introduction of the first Bitcoin spot Exchange-Traded Fund (ETF) in the United States. This development has greatly amplified investor interest, contributing substantially to the increase in the value of Bitcoin.
In addition, Standard Chartered highlights the predominant position of Bitcoin in the cryptocurrency market as a fundamental catalyst for its predicted growth.
The resilience and the ability of the digital asset to maintain a prominent position amidst market fluctuations place it favorably for sustained expansion.
An upcoming crucial event is the imminent halving of Bitcoin.
This process, characterized by a reduction in the number of Bitcoins assigned for mining, should have a positive influence on the value of the cryptocurrency.
The convergence of this halving event with the overall positive sentiment and the solid performance of Bitcoin creates a conducive environment for substantial growth.
It is imperative to underline that Standard Chartered’s optimistic forecast highlights the inherently dynamic nature of the cryptocurrency market.
The bank’s projection is based on the continuous growth and lasting supremacy of Bitcoin in the market.
In the evolution of the digital asset landscape, Bitcoin remains a pillar, potentially capable of reaching new heights both in terms of value and influence over the course of the next year.
The Bitcoin ETF will be approved 90% in January 2024
The senior ETF analyst at Bloomberg, Eric Balchunas, reiterated a strong position on the high probability of approval for a Bitcoin Exchange-Traded Fund (ETF) in January, maintaining a consistent probability of 90%, a position held for months.
Despite the recent moderation of Bitcoin’s rise, the cryptocurrency has maintained a valuation above the crucial threshold of $37,000, reinforcing expectations of stability around $35,000.
Balchunas remains optimistic about the approval of the ETF, dismissing the prospect of a widespread rejection as a “remote possibility”. In response to information requests, Balchunas emphasizes the ongoing monitoring of modified and final deposits and seeks clarity on the creation of money in kind versus cash.
The market predicts a potential bullish run driven by events such as the Bitcoin halving and the imminent approval of the ETF. Balchunas highlights ongoing collaborative efforts, suggesting that a denial is unlikely.
However, analyst Fifty Pawlow expresses skepticism, raising doubts about Bloomberg’s persistence in his 90% forecast despite potential inaccuracies.
Balchunas, in a subsequent comment, downplays the debate over specific dates, emphasizing the concerted efforts of the SEC and issuers to expedite the preparation of ETFs within the current cycle.
The general sentiment in the cryptocurrency community is that there has been a shift from questioning the probability of approval to speculation about the imminent event.
Pawlow’s reservations, expressed one hour after Balchunas’ post, remain without direct recognition at the time of writing.
Conclusions
In conclusion, the trajectory that Bitcoin is currently tracing, supported by the foresight of Standard Chartered, indicates an interesting future for the leading cryptocurrency.
The forecast of a valuation of $100,000 by 2024 not only encapsulates the resilience demonstrated in the face of past challenges, but also the transformative impact of key developments such as the launch of the Bitcoin Spot ETF and the upcoming halving event.
Regarding the ETF, Bloomberg analysts confirm with 90% certainty the approval by the SEC already in January 2024. A groundbreaking development that will change the world of finance.
In this era of unprecedented changes, the evaluation of $100,000 in Bitcoin represents more than just a numerical milestone. It symbolizes the growing acceptance of decentralized digital assets.
