Standard Chartered cuts 2024 BTC price target to $100K from $200K

U.K.-based Standard Chartered (SC) has significantly lowered its year-end Bitcoin price forecast to $100,000 from a previous target of $200,000, Decrypt reported. The bank also pushed back its timeline for BTC reaching its long-term target of $500,000 to 2030 from an earlier projection of 2028, stating that aggressive purchasing by corporations like Strategy has effectively concluded. In a report, SC analyst Geoffrey Kendrick explained that future BTC price appreciation will likely depend solely on inflows into spot ETFs. He noted that current inflows are at their lowest levels since the products launched, leaving the price to move sideways without any clear upward catalysts. Kendrick added that while the market expects the U.S. Federal Reserve to cut interest rates tomorrow, significant volatility could emerge depending on the economic outlook for next year.