Bitcoin Expected to Reach $100,000 by 2024
Standard Chartered predicts that Bitcoin (BTC) will reach $100,000 by the end of 2024. The bank’s research note reaffirms its previous forecast made in April, which also predicted a six-figure level for BTC by the end of next year. Bitcoin has already seen a 130% surge in value this year and is currently trading at $38,092.48, with a 2.80% increase in the past 24 hours.
Key Drivers of Bitcoin’s Surge
The Head of FX Research at Standard Chartered, Geoff Kendrick, believes that Bitcoin’s consistent dominance in the crypto market and increased hoarding by miners are key drivers of its surge. Kendrick also noted that Bitcoin’s market capitalization has grown from 45% to around 50%, attracting more investors and driving mainstream adoption.
“Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space,” Kendrick added.
The anticipation for a spot Bitcoin ETF approval from the US SEC has also contributed to the recent price jump in Bitcoin.
Differing Views on Bitcoin Price
Market analytics platform Wolfe Research believes that Bitcoin is making a bullish move that could push its price back to $40,000. Renowned macro guru and investment manager Dan Tapiero shares Standard Chartered Bank’s outlook but sets his own timeline for Bitcoin reaching $100,000 by 2025.
Hot Take: Bitcoin on Track for Significant Growth
Despite differing opinions, experts agree that Bitcoin is poised for significant growth in the coming years. With its current momentum and increasing mainstream adoption, Bitcoin’s value could continue to rise. As the market cap of digital assets expands, it is expected to drive further upside for Bitcoin’s price.
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