Standard Chartered Predicts Bitcoin To Skyrocket To $100K Next Year

Key Points:

• Standard Chartered predicts Bitcoin could reach $100K by end of next year.
• Factors contributing to surge include turmoil in banking sector, stabilized risky assets.
• Growing number of individuals and analysts show optimism for Bitcoin and cryptocurrency market.

Standard Chartered, a global bank, has recently released an analysis that predicts the price of Bitcoin will reach $100,000 by the end of 2024.

This prediction comes as the cryptocurrency market has experienced a period of significant growth, following a period of decline known as “crypto winter.” The bank’s head of digital assets research, Geoff Kendrick, has identified several factors contributing to the cryptocurrency market’s surge. These factors include the recent turmoil in the banking sector, the stabilization of risky assets as the U.S. Federal Reserve ends its cycle of interest rate hikes, and the enhanced profitability of cryptocurrency mining.

While there are still sources of uncertainty, Kendrick believes that the pathway to the $100,000 level is becoming clearer. This optimism is not limited to Kendrick, as a growing number of individuals and analysts have recently expressed positive outlooks regarding the cryptocurrency market. Bloomberg Intelligence’s commodity strategist has even stated that a “supercycle” may be happening in BTC.

Despite the recent decline in BTC’s value, which has seen it fall from $30,000 to $27,464, the cryptocurrency is still up by 65% year-to-date. In March, the CEO of investment management firm Vaneck said that we are beginning what could be a “several-year cycle” in gold and Bitcoin. Meanwhile, Robert Kiyosaki, the author of Rich Dad Poor Dad, expects Bitcoin to keep rising and predicts that the price of the largest crypto will reach $500,000 by 2025.

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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