Standard Chartered, a leading financial institution, has forecasted that Bitcoin could potentially reach $100,000 by the end of 2024. The banking giant announced on Monday that the “crypto winter” has officially come to an end. This signals a promising future for the cryptocurrency.
JUST IN – $819 billion banking giant Standard Chartered: We see potential for #Bitcoin to reach $100,000 by end of 2024 🚀
— Bitcoin Magazine (@BitcoinMagazine) April 24, 2023
According to Geoff Kendrick, Standard Chartered’s head of digital assets research, Bitcoin is likely to continue growing. Kendrick also stated that several factors could contribute to Bitcoin’s growth in the coming years. Among these factors are the recent issues faced by the banking sector and the stabilization of risk assets as the U.S. Federal Reserve concludes its rate-hiking cycle. Additionally, the improved profitability of cryptocurrency mining also plays a huge role.
While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer.
– Geoff Kendrick, Standard Chartered’s Head of Digital Assets Research
Bitcoin has experienced a significant rally so far this year. This cryptocurrency broke the $30,000 mark in April for the first time in ten months. This rally represents a “recovery” of the cryptocurrency market. Between 2021 and 2022, the cryptocurrency market experienced an outflow of trillions of dollars. Now, it seems as if the bear market is finally over and we have entered the recovery phase.
Bitcoin’s Astronomical Valuations Might Not Be All Correct
Astronomical Bitcoin predictions have always been present, especially during unexpected rallies. For instance, in November 2020, an analyst believed that Bitcoin could reach a price of $381,000 by the end of 2022. However, Bitcoin ended the year down by $16,500. For your information, the price of BTC peaked in November 2021 when the cryptocurrency reached a price of nearly $69,000.
The optimistic outlook of Standard Chartered for Bitcoin comes at a time when crypto has been gaining more mainstream acceptance. In recent months, several high-profile companies and financial institutions integrated it into their services. Additionally, governments worldwide are beginning to explore the potential of crypto and blockchain. The United States and European Union are continuously working on crypto regulatory frameworks.
Nevertheless, skeptics argue that Bitcoin’s volatility and susceptibility to regulatory changes will hurt its market performance. According to them, such ambitious predictions are unreliable. They caution that cryptocurrencies, including Bitcoin, remain vulnerable to market fluctuations and government intervention.