Bitcoin May Reach $100,000 by 2024, Standard Chartered Predicts

Bitcoin May Reach $100,000 by 2024, Standard Chartered Predicts

Standard Chartered analyst Geoff Kendrick has predicted that bitcoin’s value could surge to $100,000 by the end of 2024. Kendrick explained that the collapse of Silicon Valley Bank and other mid-tier US lenders has strengthened the case for bitcoin as a “decentralized, trustless and scarce digital asset.” He believes that the current stress in the traditional banking sector is highly conducive to BTC outperformance, and that the pathway to the $100,000 level is becoming clearer.

Bitcoin’s Share of Total Digital Assets Market Cap

Kendrick also stated that given the advantages of bitcoin, its share of total digital assets market cap could move into the 50-60% range in the next few months from around 45% currently. Bitcoin’s share has increased due to the woes of Circle’s USD Coin and other stablecoins, which aim to achieve a 1-to-1 peg to the U.S. dollar.

Bitcoin Miners and Profitability

Kendrick wrote that the associated price jump of bitcoin has dramatically increased the profitability of bitcoin mining companies. With the price of BTC now above the direct costs of $15,000, miners are unlikely to sell many coins. This is a positive development for the cryptocurrency as miners are a major driving force for the market given the size of their holdings.

Anticipation of the Next Bitcoin “Halving”

Some crypto investors are pointing to anticipation of the next bitcoin “halving” as a potential catalyst for another monster rally in the coin’s price. The “halving” reduces the rewards to bitcoin miners by 50%.

In conclusion, Standard Chartered isn’t the only one predicting a strong rally of bitcoin’s price. Multiple crypto industry insiders forecast bitcoin hitting a new all-time high in 2023 — with an executive at U.S.-headquartered cryptocurrency exchange Gemini telling CNBC $100,000 could be a possibility.


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