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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 officials to pitch an updated ETF model based on previous feedback.
BlackRock revised its redemption mechanism to alleviate concerns around balance sheet impacts and risks for U.S. broker-dealers dealing with offshore crypto entities.
Crypto investors view this meeting with the SEC as a bullish signal since it shows BlackRock’s willingness to address regulatory concerns and adapt its strategy.
This move could pave the way for smoother ETF approvals in the future – which many believe could have a hugely positive impact on the crypto market as a whole.
New Bitcoin ETF Token offers a way to capitalize on Bitcoin ETF frenzy, raises $2.1m
As excitement builds around the prospect of spot Bitcoin ETF approval in early 2024, a new crypto project called Bitcoin ETF Token (BTCETF) aims to let investors capitalize on potential market impacts.
Bitcoin ETF Token’s presale has quickly gained traction, reaching the $2.1 million milestone in a matter of weeks.
This deflationary token imposes a 5% transaction tax, decreasing by 1% following each real-world ETF milestone until Bitcoin reaches $100,000.
BTCETF also plans five burn events tied to ETF milestones, aiming to destroy 25% of the total supply.
The final 5% burn depends on Bitcoin reaching $100,000, which would reduce the BTCETF supply from 2.1 billion tokens to 1.57 billion.
Alongside the deflationary mechanics, Bitcoin ETF Token has a staking protocol for BTCETF, where investors can earn 118% APY on their holdings.
This combination of staking rewards, transaction taxes, and token burns seeks to reward long-term holders as the BTCETF supply decreases over time – potentially increasing the token’s value.
With presale momentum still going strong and excitement around spot ETFs at a fever pitch, BTCETF offers investors a way to gain exposure to potential bullish momentum.
YouTube analyst Austin Hilton, who has an audience of 238,000 people, even endorsed BTCETF in a recent video – stating it’s like “nothing you have ever seen.”
Investors interested in the presale can buy BTCETF tokens for $0.006 during the current stage, although this price is only available for one more day before increasing.
Learn more about Bitcoin ETF Token presale here.
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