Bitcoin’s recent boom has caught the attention of investors, with top banking firm Standard Chartered predicting a major milestone for the cryptocurrency giant The speculation is rife as the bank identifies three major factors that could push Bitcoin’s price to $150,000 a year by 2024 end of the year.
Key Factor Behind Bitcoin Surge
In a recent study, Standard Chartered identified three key factors that could contribute to Bitcoin’s impressive rise.
Bitcoin Halving Event
Firstly, the upcoming Bitcoin Halving event is expected to play a key role in the Bitcoin price surge. Historically, Bitcoin Halving has caused prices to rise sharply, while the availability of new Bitcoins declines as block rewards decrease.
Perhaps, the next Halving is scheduled to take place over the next 24 days, raising investor expectations about the potential impact on bitcoin prices.
Institutional Endorsement
Secondly, Standard Chartered has highlighted the growing interest of institutions in Bitcoin. The number of organizations adopting Bitcoin continues to grow, and major players are allocating funds to cryptocurrency assets as part of their investment strategy.
This institutional support gives Bitcoin more credibility as a legitimate asset class and increases confidence in its prospects.
Inflows into Bitcoin ETFs
Lastly, spot bitcoin ETF trends are expected to drive up bitcoin prices. These ETFs have become increasingly popular among investors seeking exposure to bitcoin price movements without direct ownership of the underlying assets.
Recent data from BitMEX revealed a huge influx in spot bitcoin ETF products, with Fidelity Bitcoin Fund (FBTC) leading the pack with inflows of $261.8 million.
Other notable participants included BlackRock IBIT, which attracted $35.5 million in funding, highlighting the various institutional players entering the Bitcoin market.
Technical Analysis
Meanwhile, renowned chartist Ali Martinez has highlighted a bullish pattern for Bitcoin, predicting that it could rise to $71,800 in the near term.
However, maintaining support above the $70,400 level will be crucial for Bitcoin to see this upward trend, highlighting the importance of maintaining key support levels in the coming days. Currently, Bitcoin is valued at $70,093, experiencing a slight decline over the past 24 hours.
