Standard Chartered Bank is standing by its prediction that Bitcoin will reach $100,000 by the end of 2024, citing ETF momentum as a potential upside catalyst.

In a reiteration of its forecast, Standard Chartered analysts said U.S. approval of Bitcoin spot ETF products could arrive even sooner than first quarter 2024. Allowing direct crypto access to institutional investors earlier may unleash significant new inflows.

The upcoming halving supply adjustment in late April 2024 should provide additional upside fuel, the bank noted. Standard Chartered originally based its lofty $100,000 target on Bitcoin's branded "safe haven" status amid market turmoil.

"Everything is working as expected," the report states, as Bitcoin has extended its crypto market cap dominance to 50% from 45% in April on its way toward the milestone projection.

Standard Chartered even suggests the confluence of spot ETF launches and pre-halving speculation could see Bitcoin touch $100,000 at some point in late 2023 — before its official end of 2024 timeline.