Standard Chartered (STAN.L) said Monday that the “crypto winter” is passed, and Bitcoin may reach $100,000 by 2024.
In a note, Standard Chartered’s head of digital assets research Geoff Kendrick said Bitcoin might benefit from banking sector upheaval, risk asset stabilization as the Fed stops its rate-hiking cycle, and crypto mining profitability.
While there are still some unknowns, Kendrick stated, “we believe the path to the USD 100,000 level is becoming clearer.”
This year, bitcoin has increased in value, climbing beyond $30,000 for the first time in 10 months in April. Gains from it indicate a partial comeback after the crypto industry lost trillions of dollars in 2022 due to interest rate hikes by central banks and several failed crypto companies.
During previous Bitcoin rallies, predictions of exorbitant prices were frequent. For example, in November 2020, a Citi analyst predicted that Bitcoin might reach a peak of $318,000 by the end of 2022. Instead, at $16,500, the year ended with about a 65% loss.