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According to analysts at Standard Chartered Bank, the price of Bitcoin (BTC) is poised for significant gains if an ETF spot is approved in the US.
This bullish forecast comes as excitement builds around the presale of Bitcoin ETF Token (BTCETF), which has already raised an impressive $2.1 million in early investment.
Standard Chartered predicts Bitcoin will hit $100k within 12 months
In a recent research note, global banking giant Standard Chartered doubled down on its bullish Bitcoin price targets thanks to the potential upcoming launch of spot ETFs in the U.S.
The bank predicts Bitcoin could hit $100,000 within the next 12 months as U.S. regulators look to approve these ETFs early next year.
This would represent a 165% rise from Bitcoin’s current level near $38,000.
Standard Chartered’s head of EM FX Research and Crypto Research, Geoff Kenrick, said: “We now expect more price upside to materialize before the halving than we previously did.”
Notably, Standard Chartered has held a long-standing bullish belief about Bitcoin, stating in July that the coin could reach $50,000 by the end of 2023 due to declining supply levels.
With growing excitement over spot ETFs, Standard Chartered sees Bitcoin reaching a six-figure valuation.
Swiss asset manager files for spot ETF as BlackRock meets with SEC
In more positive Bitcoin news, Swiss asset manager Pando Asset has unexpectedly entered the race to launch a spot Bitcoin ETF in the U.S., filing on November 29.
Pando becomes the 13th applicant alongside major players like BlackRock and Grayscale.
The proposed Pando ETF aims to track Bitcoin’s price using Coinbase as the custodian.
Meanwhile, BlackRock also met with SEC off
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