Crypto Winter Over: Bitcoin Could Reach $100k By 2024, Says Standard Chartered

Key points:

• Standard Chartered predicts Bitcoin may reach $100k by 2024.
• Improved profitability of crypto mining, stabilization of risk assets, and recent bank sector turmoil could contribute to this increase.

Standard Chartered predicts bitcoin may reach $100k by 2024, citing improved crypto mining profitability, stabilization of risk assets, and recent bank sector turmoil.

Bitcoin has the potential to reach $100,000 by the end of 2024, according to a recent report from Standard Chartered. The report suggests that factors such as recent turmoil in the banking sector, the end of the US Federal Reserve’s rate-hiking cycle, and improved profitability of crypto mining could contribute to this increase.

The head of digital assets research at Standard Chartered, Geoff Kendrick, wrote in a note that the pathway to the $100,000 level is becoming clearer, as per Reuters.

Bitcoin has already started rallying this year, reaching above $30,000 in April for the first time in ten months. This represents a partial recovery from the significant losses that the crypto sector experienced in 2022 due to central banks hiking interest rates and several crypto firms imploding.

At the time of writing, Bitcoin is trading at around $27,460, down nearly 9% over the last seven days.

While predictions of sky-high valuations have been common during bitcoin’s past rallies, the report from Standard Chartered provides a more grounded outlook. In November 2020, a Citi analyst predicted that bitcoin could climb as high as $318,000 by the end of 2022. However, it closed last year down about 65% at $16,500.

The potential for bitcoin to reach $100,000 by the end of 2024 is an exciting prospect for investors and the crypto community. However, it is important to keep in mind that there are still uncertainties and risks involved in investing in cryptocurrencies. It is always important to do thorough research and consult with a financial advisor before making any investment decisions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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