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.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
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)