Standard Chartered hypothesizes $100,000 Bitcoin by 2024

The bank Standard Charteredthrough its director cryptoventures to suggest that Bitcoin could climb to 100,000 dollars from here end of 2024. A scenario based on several factors from growth.

Bitcoin price predictions are a high-risk exercise. Attempts in this area have often ended in failure. Geoff KendrickHead of crypto and currency research at Standard Charteredhas nevertheless just ventured there.

In a memo, the bank’s executive thus considers that several factors together could contribute to the increase in the Bitcoin price. Kendrick does not consider the hypothesis of a BTC price at 100 000 dollars by the end of next year.

Is the crypto winter over?

We believe that bitcoin (BTC) could reach the $100,000 level by the end of 2024, as we believe that the much-talked-about crypto winter is finally over,” he further argues.

For the Standard Chartered analyst, the recent banking crisiswhich affected several American establishments, forcing the authorities to intervene to guarantee funds, has contributed to putting the intrinsic value of the main digital asset back in the spotlight.

A “decentralized, untrusted and rare” crypto-asset, BTC is still far from the 100,000 dollars mentioned by the banker. The price rose above $30,000 in April, before quickly falling below that level again.

In addition, the cryptocurrency would have advantages: the end of the Fed’s interest rate hikes, the upcoming halving and regulatory advantages.

Halving effect of 2024, but also uncertainties

These three factors would be likely to drive Bitcoin’s rise over the next 12 to 18 months. And the difficulties experienced by stablecoins would not be foreign to the renewed interest in BTC either.

Observers are also counting on the next halving which should take place in March 2024 to drive growth. The previous episode was in 2020. By the end of that year, Bitcoin was setting a new ATH. And by 2021, it was flirting with $70,000.

Reuters however, rightly reminds us that the overvaluations with Bitcoin are not uncommon. They even belong to the history of the first of the crypto-assets.

In November 2020, a Citi analyst estimated that the price could exceed 300,000 dollars end of 2022. The token eventually lost more than half its value last year.

While sources of uncertainty remain, we believe the path to the $100,000 level is becoming clearer,” Kendrick maintains.

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