Standard Chartered predicts that Bitcoin could reach $100,000 by the end of 2024
Bitcoin, the world’s most famous cryptocurrency, has been on a wild ride in recent years, with prices hitting new highs before crashing back down.
Despite this, some experts still believe that the asset could reach new significant heights in the next few years. At today’s market prices, Bitcoin is currently down 60% from its November 2021 peak of $69,000.
BTC may reach $100,000
According to a Note from Standard Chartered’s head of digital asset research, Geoff Kendrick, the “crypto winter” may finally be over and Bitcoin could reach $100,000 by the end of 2024.
Kendrick attributes this potential rise in Bitcoin’s price to a number of factors. These include recent turmoil in the banking sector, a stabilization of risk assets as the US Federal Reserve ends its rate hike cycle, and the improved profitability of crypto mining.
Related reading: Bitcoin (BTC) to capitalize on $30,000 region ahead of a slowdown, here’s why
Kendrick said these factors make the path to the $100,000 level “becoming clearer.” But while Kendrick acknowledges that there are still sources of uncertainty surrounding Bitcoin, he believes that the potential for Bitcoin to reach $100,000 is very real.
This prediction is particularly noteworthy given that Bitcoin’s price has already risen so far this year. It rose above $30,000 in April for the first time in 10 months.
Bitcoin price action over the last 7 days
Bitcoin has experienced a turbulent journey in the past week, with the rate rising to as as high as $30,000 April 18 to crash back down under $28,000 over the weekend. Over the past 7 days, Bitcoin has been in a downward trend down almost 10% in just one week.
Related Reading: Bitcoin Traders Count Losses As Total Liquidations Approach $300 Million
The asset’s market value has also lost some value, as it lost over $20 billion from its market value in the past week. Bitcoin is currently trading at $27,479 at the time of the write-down up 0.6% in the last 24 hours.
Several factors contributed to the initial rise in Bitcoin’s price. This includes the fall of US dollar dominance and the growing US banking crisis, which prompted more traditional bankers to seek another store of value.
However, the rise was short-lived, and Bitcoin’s price crashed down again the last seven days. This sudden drop in Bitcoin’s price was probably caused by a combination of profit taking from investors who had bought in at lower prices last year, and concern about increased regulatory control.
Despite this recent volatility, many experts remain bullish on Bitcoin’s long-term prospects. As more and more institutions adopt cryptocurrency and retail investors get involved, it looks like Bitcoin will continue to play a significant role in the financial markets for years to come.
Standard Chartered’s prediction of a Bitcoin price of $100,000 by the end of 2024 may seem ambitious. But it is not an isolated forecast.
According to a survey conducted by London-based crypto hedge fund Nickel Digital Asset Management, the majority of professional investors believe that Bitcoin is becoming more mainstream and that this trend is likely to continue for years to come.
Several other experts, includingworms Coinbase Chief Technology Officer (CTO) Balaji Srinivasan has made similar predictions, suggesting that Bitcoin could go as high as $1 million in the long run.
The Coinbase CEO went so far as to create one bold effort on the future of Bitcoin, claiming that the cryptocurrency will rise to $1 million by June 17. This optimistic forecast is attributed to the rapid devaluation of the US dollar.
However, it is important to remember that cryptocurrency prices are notoriously volatile and difficult to predict. Although Bitcoin’s price has been on the upswing in recent months, it is entirely possible that it could experience significant pullbacks or corrections in the future.
Featured image from iStock, chart from TradingView
