Robert Kiyosaki, Standard Chartered, Matrixport

• Bitcoin is up more than 70% this year, outperforming most other asset classes, after a dismal 2022.
• Some analysts predict that this could just be the start of a bigger advance for the most traded cryptocurrency.
• Here’s a selection of the latest forecasts and commentary on bitcoin and the wider crypto market from investors, analysts and experts.

After a dismal 2022, bitcoin has staged a spectacular comeback this year, surging 73% in a rally that left other asset classes in the dust and defied the biggest banking turmoil since the financial crisis.

Just this week, the number of trades in the native cryptocurrency jumped to a record high, adding to signs that the token’s rise is attracting investors amid optimism that the so-called crypto winter may finally be ending.

All this attracts a lot of attention from market commentators and analysts. Veteran investor Ray Dalio is not a big fan of the token and venture capitalist Chamath Palihapitiya recently said that “crypto is dead in America.” But others have become cautiously optimistic about bitcoin’s performance — especially during periods of financial stress thanks to its decentralized nature.

Here’s a roundup of recent predictions and commentary about bitcoin and the broader crypto market from high-profile investors, analysts and other experts.

Geoff Kendrick, Standard Chartered

“We see the potential for bitcoin to reach the USD 100,000 level by the end of 2024, as we believe the much-discussed ‘crypto winter’ is finally over,” the bank’s head of research wrote in a note last week.

Several factors favor the token now, according to Standard Chartered. Expectations that the Federal Reserve’s interest rate hikes are coming to an end are one thing – the central bank’s policy tightening had a lot to do with last year’s sell-off. The prospect of a four-year halving of the bitcoin supply in 2024 also acts as a support.

In addition, bitcoin gained some refuge during the recent banking crisis, thanks to its decentralized nature, and has also benefited from the decline of some of its main rival tokens.

“Against this backdrop, bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value and a means of money transfer,” Kendrick said. He also recently told Insider that the coin could jump nearly 70% if the US defaults on its debt.

US lawmakers are locked in a dispute over the need to raise the government’s borrowing limits, and if they don’t reach an agreement before June, the country could fail to meet some upcoming payment obligations.

Eric Chen, CEO of Injective Labs

The crypto market is unlikely to see a significant impact from the failure this week of First Republic Bank, the fourth US bank shutdown this year, because the event had been the subject of market speculation for weeks, according to Chen.

“The bigger concern is whether the US regulatory environment will become more hostile to cryptocurrencies because of this outcome, which could have a more significant impact on the industry as a whole,” he told Insider in emailed comments.

“While the regulatory environment for cryptocurrencies in the US remains uncertain, there is a risk that some banks may face regulatory pressure that forces them to end their involvement with cryptocurrencies, which will have a major impact on both the markets and the industry.” he added.

Dan Raju, CEO of Tradier, fintech and brokerage firm

“Although retail investors are a bit bothered by the string of bad news surrounding a few players and firms, they still feel optimistic that crypto is an asset class that is here to stay. The recent regional banking crisis and current macro factors are pushing bitcoin higher. The persistence of digital assets over a rough couple of months shows it still ranks highly among retail investors,” Raju told Insider in an emailed comment.

“Investors are looking for protection against volatile market conditions and these assets, like gold, are quickly emerging as a safe guard against rising prices. Interest from individual and institutional investors may continue to push cryptos higher as confidence, regulations and guardrails in the industry gradually improve. I think we will continue to see investors turn to crypto and Bitcoin, but with a sense of cautious optimism this time,” he added.

Matrixport, Bloomberg Intelligence

Crypto finance firm Matrixport last week predicted that bitcoin will more than double its current price to reach around $65,623 by April next year, while Bloomberg Intelligence analyst Jamie Douglas Coutts said he believes the market has priced in 50% of the expected halving that is expected next year.

“Bitcoin cycles bottom around 12-18 months before the halving, and this cycle structure looks like the last ones, although many things have changed – while the network is much stronger, bitcoin has never endured a prolonged severe economic contraction,” Coutts told Bloomberg .

Robert Kiyosaki, famous author of “Rich Dad, Poor Dad”.

“I’m an investor, not a trader. To me, gold, silver and bitcoin are real money. To me, cash is trash,” the personal finance guru said in a chirping last week. Although he previously criticized crypto as a speculative game, he now loves the token due to its decentralized qualities.