Standard Chartered Predicts Bitcoin Could Reach $100,000 by End of 2024
Bitcoin, the world’s most well-known cryptocurrency, has been on a wild journey over the previous few years, with its worth surging to new highs earlier than crashing again down.
Regardless of this, some consultants nonetheless imagine the asset might report new vital highs in a couple of years to come back. At present market costs, Bitcoin has at the moment decreased by 60% from its all-time excessive of $69,000 seen in November 2021.
BTC Might Attain $100,000
In accordance with a note from Normal Chartered’s head of digital property analysis, Geoff Kendrick, the “crypto winter” might lastly be over, and Bitcoin might attain $100,000 by the top of 2024.
Kendrick attributes this potential surge in Bitcoin’s worth to quite a lot of components. These embody latest turmoil within the banking sector, a stabilization of threat property because the US Federal Reserve ends its rate-hiking cycle, and the improved profitability of crypto mining.
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Kendrick stated these components are making the pathway to the $100,000 degree “turning into clearer.” However whereas Kendrick acknowledges that there are nonetheless sources of uncertainty surrounding Bitcoin, he believes that the potential for Bitcoin to achieve $100,000 could be very actual.
This prediction is especially noteworthy provided that Bitcoin’s worth has already surged thus far this 12 months. It rose above $30,000 in April for the primary time in 10 months.
Bitcoin Value Motion In The Previous 7 Days
Bitcoin has skilled a tumultuous journey within the final week, with its worth surging to as excessive as $30,000 on April 18 to crashing again down beneath $28,000 over the weekend. Over the previous 7 days, Bitcoin has been in a downtrend down by almost 10% in only a week.
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The asset’s market cap has additionally misplaced some worth, because it misplaced over $20 billion from its market capitalization within the final week. Bitcoin at the moment trades at $27,479 on the time of writing down by 0.6% within the final 24 hours.
A number of components contributed to the preliminary surge in Bitcoin’s worth. This consists of the autumn of United States greenback dominance and the rising US banking disaster, which prompted a number of conventional bankers to hunt one other retailer of worth.
Nevertheless, the surge was short-lived, and Bitcoin’s worth crashed again down prior to now seven days. This sudden drop in Bitcoin’s worth was probably brought on by a mixture of profit-taking from buyers who had purchased in at decrease costs final 12 months, and considerations over elevated regulatory scrutiny.
Regardless of this latest volatility, many consultants stay bullish on Bitcoin’s long-term prospects. As increasingly establishments undertake cryptocurrency and retail buyers get entangled, evidently Bitcoin will proceed to play a big function within the monetary markets for years to come back.
Normal Chartered’s prediction of a $100,000 Bitcoin worth by the top of 2024 could appear bold. However it isn’t an remoted forecast.
In accordance with a survey performed by London-based crypto hedge fund Nickel Digital Asset Administration, nearly all of skilled buyers imagine that Bitcoin is becoming more mainstream and that this development is prone to proceed within the coming years.
A number of different consultants together with former Coinbase Chief Expertise Officer (CTO) Balaji Srinivasan have made related predictions, suggesting that Bitcoin could go as high as $1 million in the long term.
The Coinbase govt went so far as making a bold bet on the way forward for Bitcoin, claiming that the cryptocurrency will surge to $1 million by June seventeenth. This optimistic forecast is attributed to the fast devaluation of the US greenback.
Nevertheless, it’s necessary to do not forget that cryptocurrency costs are notoriously unstable and tough to foretell. Although Bitcoin’s worth has been on an upward trajectory in latest months, it’s completely potential that it might expertise vital pullbacks or corrections sooner or later.
Featured picture from iStock, Chart from TradingView
