Bitcoin is likely to reach $100,000 by end-2024, says Standard Chartered
Bitcoin is expected to get advantage from several factors such as recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining.
- Apr 24, 2023,
- Updated Apr 24, 2023 8:45 PM IST
Standard Chartered on Monday said that Bitcoin is likely to reach $100,000 by the end of 2024, adding that the so-called “crypto winter” is over.
Bitcoin is expected to get advantage from several factors such as recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Standard Chartered’s head of digital assets research Geoff Kendrick said in a note.
“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick wrote.
Over the weekend, Bitcoin continued to trade below the $28,000 level as it started a correction phase leading to a decline in investor confidence. The cryptocurrency tried to show some recovery after the weekend cuts as the largest crypto asset rose slightly but remained below the $28,000 mark.
For the first time in the last ten months, Bitcoin rose above $30,000 in April and this showed a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks increased interest rates and a string of crypto firms imploded.
Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.
Standard Chartered on Monday said that Bitcoin is likely to reach $100,000 by the end of 2024, adding that the so-called “crypto winter” is over.
Bitcoin is expected to get advantage from several factors such as recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Standard Chartered’s head of digital assets research Geoff Kendrick said in a note.
“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick wrote.
Over the weekend, Bitcoin continued to trade below the $28,000 level as it started a correction phase leading to a decline in investor confidence. The cryptocurrency tried to show some recovery after the weekend cuts as the largest crypto asset rose slightly but remained below the $28,000 mark.
For the first time in the last ten months, Bitcoin rose above $30,000 in April and this showed a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks increased interest rates and a string of crypto firms imploded.
Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.