Bear Market Over, Bitcoin Will Reach $100,000, Says Standard Chartered

Crypto winter is over, according to a top researcher at Standard Chartered. Bitcoin is likely to reach $100,000 by the end of next year, the researcher claimed.

Standard chartered official weighs in

According to a report by Standard Chartered’s head of digital asset research, Geoff Kendrick, the top cryptocurrency Bitcoin could reach $100,000 by the end of 2024. A CNBC story on Monday cited excerpts from Kendrick’s report.

“We see the potential for Bitcoin (BTC) to reach the USD $100,000 level by the end of 2024 as we believe the much talked about ‘crypto winter’ is finally over,” said Kendrick’s report, titled “Bitcoin — Pathway to the USD 100,000 level.”

Kendrick suggested that Bitcoin could benefit from several factors. Namely, the recent instability in the banking sector, a stabilization of risk assets due to the end of the US Federal Reserve rate hike cycle, and improved profitability of crypto mining.

While uncertainty remains, Kendrick argued that the path to the $100,000 level is becoming clearer. Bitcoin has already rallied this year, passing $30,000 in April for the first time in ten months.

The gains represent a partial recovery after the crypto sector lost trillions of dollars in 2022, following interest rate hikes by central banks and the high-profile implosions of crypto firms.

Observers Bullish on Bitcoin

It’s not just Standard Chartered that has become increasingly bullish on Bitcoin’s prospects in recent months. Robert Kiyosaki, known for his book on personal finance Rich dad, poor dadhave recently predicted BTC will top $100K.

In a tweet on April 20, Kiyosaki wrote about buying a lot of the cryptocurrency, citing its decentralized non-fiat nature. “WHY? Because the people support BC, not the FED or GOV. BC didn’t need the FED or the govt bailout because BC people’s money,” he wrote.

In a recent note, Markus Thielen, the head of research at Matrixport, predicted that Bitcoin will reach approximately $65,623 by April 2024. Bitcoin bull Tim Draper has told Yahoo! Finance that Bitcoin will likely rise to $250,000 within a year. However, Draper has been making the same prediction for the past three years.

Predictions of high values ​​have been common during Bitcoin’s past rallies. A Citi analyst’s statement in November 2020 said Bitcoin could rise as high as $318,000 by the end of 2022. It closed last year at $16,500, down about 65%.

Most crypto investors believe that the upcoming “Bitcoin halving”, which reduces the rewards given to Bitcoin miners by 50%, could be a triggering event for another significant increase in the coin’s value.