By the end of 2024, the world’s largest cryptocurrency, bitcoin, could hit $100,000, multinational financial corporation Standard Chartered has said as the so-called “crypto winter” is over.
Bitcoin (BTC) could benefit from factors such as the recent turmoil in the banking sector, stabilization of risky assets as the US Federal Reserve is likely to complete its rate hike cycle, and improved profitability of crypto mining, the head of digital asset research wrote in a note. Standard Chartered Jeff Kendrick (Geoff Kendrick).
“While sources of uncertainty remain, we believe the path to $100,000 is becoming increasingly clear,” Kendrick wrote.
Bitcoin has surged this year, climbing above $30,000 in April for the first time in ten months. Its profits represent a partial recovery after trillions of dollars were wiped out of the crypto sector in 2022, when most central banks around the world raised interest rates and a number of crypto companies went bankrupt.
Forecasts in favor of sky-high valuations have been common during past Bitcoin rallies. A Citi analyst said in November 2020 that bitcoin could rise to $318,000 by the end of 2022. Last year, it fell about 65% to $16,500.