Standard Chartered says the fierce crypto winter is finally over. According to the banking giant, there’s nothing but blue sky between here and its $100,000 bitcoin price projection.
If the bank is right, the flagship cryptocurrency could hit the six-figure price tag by the end of 2024.
BTC Will Have Hit $100,000 By 2024 Year End: Standard Chartered
With crypto winter finally over, Standard Chartered Bank believes Bitcoin, the world’s oldest and biggest cryptocurrency, will cost $100,000 per single coin by 2024.
In a Monday research report, Geoff Kendrick, the bank’s head of digital assets research, pointed to several factors that could push BTC to the $100K milestone. The most significant of which is the banking sector turmoil which helped “re-establish bitcoin’s use as a decentralized scarce digital asset.”
“Against this backdrop, bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value, and a means of remittance,” Kendrick wrote.
The Standard Chartered analyst also cited the stabilization of risk assets as the U.S. Federal Reserve approaches the end of its tightening cycle as another potential catalyst for Bitcoin’s climb to the coveted $100,000 mark. “While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly,” the report noted.
Bitcoin’s supply is halved every four years, making the OG cryptocurrency twice as rare. The next halving is in 2024, which makes Standard Chartered believe the incoming event will give Bitcoin a major lift. “As we approach the next halving, we expect cyclical drivers to become more constructive, as they have in previous cycles,” Kendrick stated.
Bitcoin has gained over 63% since the beginning of 2023. However, the asset’s performance over the past week has faced considerable fluctuations, with a high of around $30,502 on April 15 and a low of $27,045 on April 24.
Standard Chartered predicted in December 2022 that Bitcoin could plummet to as low as $5,000. The latest prediction suggests that the banking group is now ultra-bullish on the bellwether crypto.
In the report on Monday, Standard Chartered also identified the possibility of Bitcoin’s dominance rebounding to the 50-60% range. The top crypto’s share of the total cryptocurrency market currently stands at around 44.1%, according to CoinGecko.
Bitcoin is trading hands at $27,256.38 at the time of publication — down over 10% in the past week. For now, the psychological barrier remains at $30,000.