Analysts at UK-based multinational banking giant Standard Chartered believe things are going according to earlier expectations, and have reiterated their April forecast that bitcoin (BTC) will reach $100,000 by the end of 2024.

Analysts at UK-based multinational banking giant Standard Chartered believe things are going according to earlier expectations, and have reiterated their April forecast that bitcoin (BTC) will reach $100,000 by the end of 2024.

The first, next, and most important catalyst will be the approvals of several US-based spot bitcoin ETFs, which they expect will likely happen very soon, analysts write.

They cite expectations that a number of ETFs will be approved between Q1 and 2024 for both BTC and ETH, paving the way for institutional investment.

Standard Chartered also reminds that the next bitcoin halving, a supply-limiting mechanism currently expected to occur in late April 2024, will be another source of price growth.

Standard Chartered initially forecast $100,000 in April, arguing at the time that the cryptocurrency kingpin benefited from its branded safe-haven status.

"Simply put, everything is working as expected. BTC's dominance remains intact, indeed stronger. Its share in the total market capitalization of digital assets has grown to 50% from 45% in April," say the bank's analysts.

However, there is also a chance that the leading cryptocurrency will climb the $100,000 mark before the end of 2024, according to the bank.

“We now expect more pre-halving price growth to materialize than we previously forecast, particularly through the earlier-than-expected introduction of spot ETFs. This indicates that the level of USD 100,000 could be reached even before the end of 2024," the analysts write.