Standard Chartered says crypto winter has ended and the price of bitcoin could reach $100K per coin by the end of next year. The global bank’s analyst has identified several factors contributing to the surge in the price of the cryptocurrency, including the recent turmoil in the banking sector.
Standard Chartered Bank on Bitcoin Hitting $100K
Global bank Standard Chartered said Monday that “crypto winter” is over and the price of bitcoin could reach $100,000 by the end of 2024.
Standard Chartered’s head of digital assets research, Geoff Kendrick, explained in a note that bitcoin stands to benefit from various factors. They include the recent turmoil in the banking sector, a stabilization of risky assets as the U.S. Federal Reserve ends its cycle of interest rate hikes, and the enhanced profitability of cryptocurrency mining. The analyst wrote:
While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer.
A growing number of individuals and analysts have recently expressed optimism regarding the outlook for bitcoin and the overall cryptocurrency market. At the time of writing, BTC is trading at $27,464, down from above $30K a week prior. However, the cryptocurrency is up 65% year-to-date.
In March, the CEO of investment management firm Vaneck said that “We are at the very beginnings of what could be a several-year cycle” in gold and bitcoin while Bloomberg Intelligence’s commodity strategist stated that a supercycle may be happening in BTC. In February, Pantera Capital said that we’re already in the next bull market cycle for bitcoin. Rich Dad Poor Dad author Robert Kiyosaki expects BTC to keep rising, predicting that the price of the largest crypto will reach $500K by 2025.
What do you think about Standard Chartered’s bitcoin prediction? Do you think the price of bitcoin will reach $100K by the end of next year? Let us know in the comments section below.