The world’s top cryptocurrency, Bitcoin (BTC), is set to soar and possibly reach $100,000 by the end of 2024 based on the latest insight by British multinational bank Standard Chartered.
Indeed, the banking giant claims the “crypto winter” which began in 2022 is officially over, according to a report from Reuters on April 24.
In the report released this Monday, Standard Chartered’s head of digital assets research, Geoff Kendrick highlighted several factors that could potentially boost Bitcoin’s value in the near future. These include the recent turmoil in the banking sector, a stabilization of risk assets following the end of the U.S. Federal Reserve’s (Fed) rate-hiking cycle, and an improvement in the profitability of crypto mining.
“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick stated.
Since the beginning of the year, Bitcoin went on a major rally from $16,500 all the way up past $30,000, surpassing this last mark for the first time in ten months. Bitcoin’s surge also shows a partial recovery of the market, especially after a difficult 2022 brought many crypto firms to their knees, including FTX, Terraform Labs, Celsius, 3AC and others.
How other BTC estimations played out
In previous Bitcoin rallies, it was common to hear optimistic projections of soaring valuations. One example occurred in November 2020 when a Citibank analyst suggested that Bitcoin could potentially reach an impressive $318,000 by the end of 2022. Despite these lofty expectations, the cryptocurrency closed out last year with a 65% decrease, ending at $16,500.
More recently, author of best-selling personal finance book, “Rich Dad Poor Dad,” Robert Kiyosaki, has publicly shown his support for Bitcoin once again. In a tweet posted on April 21, Kiyosaki expressed that people support BTC, not the Fed nor the government, and sees the price rising up to $100,000.
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