Standard Chartered Predicts Bitcoin to Reach $100,000 by 2024
According to Standard Chartered, the crypto winter has ended, and Bitcoin could hit $100,000 by 2024.
Geoff Kendrick, the head of cryptocurrency research at Standard Chartered, stated:
"We see the potential for Bitcoin (BTC) to reach $100,000 by the end of 2024, as we believe the 'crypto winter' has finally ended."
The recent US banking crisis has boosted Bitcoin’s growth and underscored its core value as "a decentralized digital asset." Kendrick also outlined potential growth drivers for BTC, including a halt in Fed rate hikes, the upcoming Bitcoin halving, and favorable crypto regulations.
Standard Chartered's confidence in BTC reaching $100,000 stems from its position as a "safe haven" and a significant store of value. Consequently, the bank expects Bitcoin to continue its upward trajectory and maintain its dominance in the crypto industry.
Additionally, while Bitcoin often benefits when traditional assets face turmoil, current correlation metrics with the Nasdaq indicate that Bitcoin is increasingly aligning with broader risk asset trends. Standard Chartered believes the Fed's rate hike cycle is nearing its end, which could positively impact risk assets, including Bitcoin.
The upcoming Bitcoin Halving, expected around April-May 2024, is also seen as a bullish indicator for BTC, reducing the block reward from 6.25 BTC to 3.125 BTC.
Finally, Kendrick argues that the European Union’s Markets in Crypto-Assets (MiCA) regulation, recently approved by the European Parliament, could positively influence investor sentiment toward holding BTC.
In summary, according to Standard Chartered, Bitcoin’s journey to $100,000 will be marked by key events as follows:
Bitcoin’s Journey to $100,000 by Key Events. Source: Standard Chartered
In stark contrast, Kendrick’s colleague, Eric Robertsen, the global head of research and strategy at Standard Chartered, has predicted that BTC could fall to $5,000 by the end of the year, with gold potentially becoming the safe haven asset of choice once again.
BTC is currently hovering around $27,000, down from $30,000 last week, but has risen from $17,000 at the beginning of the year.
