Standard Chartered Predicts Bitcoin Could Reach $100,000 By End of 2024
April 24 2023 - 2:30PM
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Bitcoin, the world’s most well-known cryptocurrency, has been on a
wild ride over the past few years, with its price surging to new
highs before crashing back down. Despite this, some experts
still believe the asset could record new significant highs in a few
years to come. At current market prices, Bitcoin has currently
decreased by 60% from its all-time high of $69,000 seen in November
2021. BTC Could Reach $100,000 According to a note from Standard
Chartered’s head of digital assets research, Geoff Kendrick, the
“crypto winter” may finally be over, and Bitcoin could reach
$100,000 by the end of 2024. Kendrick attributes this potential
surge in Bitcoin’s price to a number of factors. These include
recent turmoil in the banking sector, a stabilization of risk
assets as the US Federal Reserve ends its rate-hiking cycle, and
the improved profitability of crypto mining. Related Reading:
Bitcoin (BTC) To Tap Into $30,000 Region Before A Slow Down, Here’s
Why Kendrick said these factors are making the pathway to the
$100,000 level “becoming clearer.” But while Kendrick acknowledges
that there are still sources of uncertainty surrounding Bitcoin, he
believes that the potential for Bitcoin to reach $100,000 is very
real. This prediction is particularly noteworthy given that
Bitcoin’s price has already surged so far this year. It rose above
$30,000 in April for the first time in 10 months. Bitcoin Price
Action In The Past 7 Days Bitcoin has experienced a tumultuous
journey in the last week, with its price surging to as high as
$30,000 on April 18 to crashing back down below $28,000 over the
weekend. Over the past 7 days, Bitcoin has been in a downtrend down
by nearly 10% in just a week. Related Reading: Bitcoin
Traders Count Losses As Total Liquidations Approach $300 Million
The asset’s market cap has also lost some value, as it lost over
$20 billion from its market capitalization in the last week.
Bitcoin currently trades at $27,479 at the time of writing down by
0.6% in the last 24 hours. Several factors contributed to the
initial surge in Bitcoin’s price. This includes the fall of United
States dollar dominance and the rising US banking crisis, which
prompted several traditional bankers to seek another store of
value. However, the surge was short-lived, and Bitcoin’s price
crashed back down in the past seven days. This sudden drop in
Bitcoin’s price was likely caused by a combination of profit-taking
from investors who had bought in at lower prices last year, and
concerns over increased regulatory scrutiny. Despite this recent
volatility, many experts remain bullish on Bitcoin’s long-term
prospects. As more and more institutions adopt cryptocurrency and
retail investors get involved, it seems that Bitcoin will continue
to play a significant role in the financial markets for years to
come. Standard Chartered’s prediction of a $100,000 Bitcoin price
by the end of 2024 may seem ambitious. But it is not an isolated
forecast. According to a survey conducted by London-based crypto
hedge fund Nickel Digital Asset Management, the majority of
professional investors believe that Bitcoin is becoming more
mainstream and that this trend is likely to continue in the coming
years. Several other experts including former Coinbase Chief
Technology Officer (CTO) Balaji Srinivasan have made similar
predictions, suggesting that Bitcoin could go as high as $1 million
in the long run. The Coinbase executive went as far as making a
bold bet on the future of Bitcoin, claiming that the cryptocurrency
will surge to $1 million by June 17th. This optimistic forecast is
attributed to the rapid devaluation of the US dollar. However, it’s
important to remember that cryptocurrency prices are notoriously
volatile and difficult to predict. Though Bitcoin’s price has been
on an upward trajectory in recent months, it’s entirely possible
that it could experience significant pullbacks or corrections in
the future. Featured image from iStock, Chart from TradingView
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