Mark Your Calendars: Bitcoin To Hit $100,000 By End Of 2024, Standard Chartered Says
November 30 2023 - 2:00AM
NEWSBTC
In a bold projection, Standard Chartered, the British multinational
bank, envisions a substantial surge in the value of Bitcoin,
anticipating it to reach $100,000 by the conclusion of 2024.
Observing Bitcoin’s impressive resurgence throughout the current
year, the bank identifies the onset of what they refer to as the
‘crypto spring.’ This period of renewed vitality in the
cryptocurrency market has sparked optimism, leading Standard
Chartered to set an ambitious target for Bitcoin’s future
valuation. Related Reading: Is $20 On The Cards? LINK Price Rides
High With Chainlink Staking v0.2 Rollout Bitcoin Surpasses $38,200,
StanChart Predicts $100K By 2024 The world’s largest
cryptocurrency, Bitcoin, attracted interest from institutional
investors once again this week, as its price surpassed $38,200 on
November 29. Geoff Kendrick, Head of Crypto Research at Standard
Chartered Bank, reiterated the company’s bullish forecast that the
price of Bitcoin may reach $100,000 in 2024. The projection is a
continuation of the bank’s April outlook for this year. The April
research stated that a number of reasons that might propel Bicoin’s
ascent over $100,000 are already in action, and that the crypto
winter has now come to an end. The report emphasized that in March
of this year, there was disruption in the financial system, which
contributed to the “re-establishment” of Bitcoin’s use as a
decentralized scarce digital currency. Bitcoin market cap currently
at $740 billion on the daily chart: TradingView.com Kendrick and
the Standard team expressed their optimism that the US government’s
approval of multiple spot Bitcoin ETFs will be the next catalyst
for the growth of cryptocurrencies, and that these developments
will occur sooner than originally anticipated. “We think that a
number of spot ETFs will now be approved in the first quarter of
2024 for both Bitcoin and Ethereum, setting the stage for
institutional investment,” they said. Additionally, Standard
Chartered highlighted another cause that can lead to future price
increases: the upcoming Bitcoin “halving,” which would limit the
currency’s supply and is expected to happen in late April 2024. BTC
seven-day price action. Source: CoinMarketCap With its headquarters
located in London, Standard Chartered caters to a global clientele
of both individual and corporate customers. While it does not offer
retail banking services in the United Kingdom, its
multibillion-dollar operations across Asia, Africa, and the Middle
East position it as one of the world’s most significant financial
enterprises. And it’s because of this significant role in the
global financial system that Standard Chartered’s positive
prediction for bitcoin earlier this month is all the more
intriguing. Record Hash Rate And Market Maturity Validate
Standard’s Bullish Prediction Bitcoin’s hash rate, the amount of
processing power miners are using to secure the network, and a
measure of the network’s strength—which recently reached an
all-time high—all support Standard Chartered’s bullish stance. BTC
Price Volatility Trends compared to Mega Cap Stocks (data as of
Nov. 2023). Source: IntoTheBlock Meanwhile, recent on-chain data
from IntoTheBlock indicates that the Bitcoin market has displayed
indications of increasing maturity and stability in comparison to
large-cap stocks and index funds. Related Reading: LUNC Soars Over
70% – Temporary Spike Or Sustainable Climb Ahead? Standard
Chartered’s forecast of a Bitcoin price surge has gained validation
as Bitcoin has witnessed a remarkable 130 percent surge in 2023.
According to the bank, everything is unfolding as anticipated.
BTC’s dominance in the digital assets market remains robust, having
increased from 45 percent in April to a current 50 percent share of
the overall market cap. Bernstein analysts echoed Standard
Chartered’s optimism, predicting that Bitcoin might reach $150,000
by mid-2025 for the same supply-related reasons. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
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