The cryptocurrency winter is over, according to a senior researcher at Standard Chartered. The researcher argued that Bitcoin is likely to reach $100,000 by the end of next year.
Standard chartered official weigh in
According to a report by Jeff Kendrick, Head of Digital Asset Research at Standard Chartered, the top cryptocurrency Bitcoin could reach $100,000 by the end of 2024. Excerpts from Kendrick’s report were quoted by CNBC on Monday.
“We see the potential for Bitcoin (BTC) to reach the $100,000 level by the end of 2024, as we believe the crypto winter is finally over,” Kendrick said in his report titled “Bitcoin – The Path to $100,000.” level.”
Kendrick suggested that Bitcoin could benefit from several factors. Specifically, the recent instability in the banking sector, the stabilization of risky assets due to the end of the US Federal Reserve rate hike cycle, and the improvement in the profitability of cryptocurrency mining.
While the doubts persist, Kendrick argued that the path to the $100,000 level is becoming clearer. Bitcoin has actually surged this year, surpassing $30,000 in April for the first time in ten months.
The gains represent a partial rebound after the cryptocurrency sector lost trillions of dollars in 2022, following higher interest rates at central banks and major internal meltdowns of crypto companies.
Bitcoin watchers bullish
It’s not just Standard Chartered that has grown increasingly optimistic about Bitcoin’s prospects in recent months. Robert Kiyosaki, famous for his book on personal finance Rich father poor fatherhave recently and expect BTC will exceed $100,000.
In a tweet dated April 20, Kiyosaki wrote about buying a lot of cryptocurrency, citing its decentralized, cashless nature. Why? Because the people support BC and not the FED or GOV. BC didn’t need a bailout from the Fed or a government because the people’s money is in BC.
In a recent note, Marcus Thelen, head of research at Matrixport, predicted that bitcoin would be worth approximately $65,623 by April 2024. Bitcoin bull Tim Draper told Yahoo! Funding that the bitcoin price is likely to rise to $250,000 within a year. However, Draper has made the same prediction for the past three years.
Predictions of higher valuations have been common during previous bitcoin rallies. A Citi analyst’s statement in November 2020 said that bitcoin could surge to $318,000 by the end of 2022. It closed last year at $16,500, down about 65%.
Most cryptocurrency investors believe that the upcoming “Bitcoin halving,” which cuts the rewards given to bitcoin miners by 50%, could be a trigger for another big rally in the currency’s value.
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