Analysts: We think a number of spot exchange-traded funds will be approved in QI of 2024 for both Bitcoin and ETH
Standard Chartered Bank believes the direction of the cryptocurrency market is correct. Analysts also confirmed their own forecast, according to which the main digital coin will rise in price to $100,000 by the end of next year.
As the head of the organization’s currency research department, Jeff Kendrick, noted, a key prerequisite for the growth of the value of Bitcoin will be the approval of several Bitcoin ETFs by the American authorities.
“We think a number of spot ETFs will now be approved in Q1–2024 for both BTC and ETH, paving the way for institutional investment,” the expert said.
In addition, analysts are confident that the halving planned for next spring on the Bitcoin network will be another catalyst for growth. Earlier, Standard Chartered predicted an increase in the BTC rate to $100,000 in April 2024, marking the end of the crypto winter.
“Put simply, everything is working as expected. BTC’s dominance remains intact, its share of overall digital assets market cap has increased to 50% from 45% in April,” the bank concluded.
Managing Partner and CEO of 10T Holdings Dan Tapiero believes that “the next bull trend will come in 2025.” He is also confident that the price of Bitcoin will exceed $100,000, according to the most conservative estimate. The entrepreneur pointed out that BTC is becoming an increasingly attractive tool for saving money.
“There are a lot of assets like real estate, people invest in often as a story of value — you know, art, paintings, store of value. I mean, Bitcoin could really take a chunk of that store-of-value capital that’s out there,” Tapiero noted.
Bitfinex analysts pointed to the historical minimum velocity of the first crypto coin at 15.78. This indicates a significant change in sentiment from the last bear market cycle, when this level reached 80.
BTC velocity is a signal of how often Bitcoin is traded or involved in transactions. According to analysts, the low level indicates that investors are reluctant to get rid of their assets.