On Monday, Standard Chartered (STAN.L) predicted that Bitcoin, the top cryptocurrency, could hit $100,000 by the end of 2024.
The bank’s head of digital assets research, Geoff Kendrick, suggested that Bitcoin could benefit from various factors, including recent instability in the banking industry, a stabilization of risk assets with the end of the U.S.
Federal Reserve’s rate-hiking cycle, and better profitability of cryptocurrency mining. Kendrick noted that although some uncertainties remain, the path to the $100,000 level is becoming clearer.
Bitcoin has surged this year, reaching over $30,000 in April, its highest point in ten months. However, the crypto sector lost trillions of dollars in 2022 due to interest rate hikes by central banks and the collapse of numerous crypto firms.
During Bitcoin’s previous rallies, predictions of astronomical values were frequent. For instance, a Citi analyst stated in November 2020 that Bitcoin could increase to $318,000 by the end of 2022. Nevertheless, bitcoin finished last year at $16,500, down approximately 65%.
