A strong trend in the cryptoactive market for next year is the significant appreciation of the already popular currency Bitcoin. O Santander Chartered, one of the main British banks, reinforced its projection that the digital asset will be worth US$ 100 thousand by the end of 2024.
Experts from the financial institution point out that, until then, Different factors will contribute to miners increasing the accumulation of cryptocurrency in search of profitability, reducing your offer and boosting appreciation. Today, Bitcoin is worth around US$ 45 thousand after the strong increases recorded in recent weeks.
This was a growth of 7,50% only on the recent weekend. Santander had already made this same projection in April this year. Although, on Tuesday, 28, once again reaffirmed forecasts based on market trends and the latest favorable movements.
Early ETFs
Analysts pointed out that Bitcoin's performance has confirmed projections. A report was issued by the financial institution taking a position on the matter, where they state that “things are happening as expected”. In July this year, the institution already planned to sell the currency worth US$ 50 thousand by the end of this year.
At the moment, the value is already quite close. Santander also foresees the possibility of the United States approving an exchange-traded fund (ETF) spot price of the asset, which would help catalyze prices. This approval of orders could boost appreciation, causing the forecast to be reached sooner than expected..
“We think several spot price ETFs will be approved in the first quarter of 2024, for both Bitcoin and Ether”, experts explained.
Halving justifies limited supply
Another market trend that is being monitored by the bank is the cryptocurrency halving, scheduled for April. This planned reduction will limit the currency supply and, that's why, the asset will become more valuable naturally.
That's why, the possibility of the price reaching US$ cannot be ruled out 100 thousand before the end of the year. “We now expect more price increases to materialize before the halving, specifically through the earlier than expected introduction of spot ETFs in the United States”, the report said.
