Standard Chartered Projects Bitcoin to Reach $100,000 by 2024
Standard Chartered, the British multinational bank, predicts a significant surge in the value of Bitcoin, forecasting it to reach $100,000 by the end of 2024. The bank refers to this period as the “crypto spring” due to Bitcoin’s impressive resurgence in the cryptocurrency market this year.
Bitcoin Surpasses $38,200, StanChart Predicts $100K By 2024
Bitcoin attracted institutional investors once again as its price surpassed $38,200 on November 29. Geoff Kendrick, Head of Crypto Research at Standard Chartered Bank, reiterated the bank’s bullish forecast that Bitcoin may reach $100,000 in 2024. This projection is a continuation of the bank’s April outlook, which stated that several factors are already in motion to propel Bitcoin’s ascent over $100,000 and mark the end of the crypto winter.
Spot ETF Approvals and Bitcoin Halving Support Growth
Standard Chartered expresses optimism that the US government’s approval of spot Bitcoin ETFs will catalyze institutional investment sooner than expected. They anticipate approval for both Bitcoin and Ethereum ETFs in Q1 2024. Additionally, they highlight the upcoming Bitcoin halving in late April 2024 as a cause for future price increases due to limited supply.
Record Hash Rate and Market Maturity Validate Bullish Prediction
The record-high hash rate of Bitcoin supports Standard Chartered’s positive stance on its future price. On-chain data also indicates increasing maturity and stability in the Bitcoin market compared to large-cap stocks and index funds. Standard Chartered’s forecast gains validation as Bitcoin experiences a 130% surge in 2023 and maintains dominance in the digital assets market.
Hot Take: Standard Chartered’s Bold Prediction for Bitcoin’s Future
Standard Chartered’s projection of Bitcoin reaching $100,000 by 2024 has garnered attention and validation from industry experts. With the cryptocurrency market experiencing a “crypto spring” and various factors supporting Bitcoin’s growth, the bank’s optimism appears well-founded. If Bitcoin continues on its current trajectory, it has the potential to reshape the financial landscape and solidify its position as a valuable digital asset.
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