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2023 04 24T091838Z 1 LYNXMPEJ3N08X RTROPTP 4 FINTECH CRYPTO BANKS - Business Express

Bitcoin could hit $100,000 by end-2024, Standard Chartered says


Bitcoin could hit $100,000 by end-2024, Standard Chartered says

By Elizabeth Howcroft

LONDON (Reuters) – Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called “crypto winter” is over.

Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Standard Chartered’s head of digital assets research Geoff Kendrick said in a note.

“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick wrote.

Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. It gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded.

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Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.

 

(Reporting by Elizabeth Howcroft; editing by Tom Wilson and Louise Heavens)

 

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