Standard Chartered Bank has said that Bitcoin could reach $100 000 by the end of 2024, adding that the “crypto winter” is over.
Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the US 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 $100 000 level is becoming clearer,” Kendrick wrote.
Bitcoin has rallied so far this year, rising above $30 000 in April for the first time in 10 months. Its gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded.
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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.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry