Alex Dovbnya
Standard Chartered, a leading global bank, predicts that Bitcoin (BTC) could surge to $100,000 by the end of 2024, signaling the arrival of a new crypto spring
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Banking giant Standard Chartered has forecast that Bitcoin (BTC) could hit $100,000 by the end of next year, adding that another crypto spring is finally here, reports Reuters.
Geoff Kendrick, the bank’s head of digital assets research, attributes the potential rise to several factors, including the recent upheaval in the banking sector, the stabilization of risky assets following the conclusion of the US Federal Reserve’s rate hike cycle, and higher profitability in cryptocurrency mining.
However, he acknowledges that there are still some uncertainties surrounding the volatile cryptocurrency.
Bitcoin price action over the past seven days has shown significant fluctuations with a high of $30,601 on April 15 and a low of $27,400 on April 23.
In December 2022, Standard Chartered predicted that Bitcoin could collapse to $5,000 in one of the biggest market surprises of this year. So far, their prediction has not come true, and now the banking giant appears bullish on the flagship cryptocurrency.
Over the past year, the number one cryptocurrency plunged 60% after a series of high-profile implosions in the industry. The most significant scandal was the demise of cryptocurrency exchange FTX.
After bitcoin appears to have recovered from the brutal crypto winter, other investors remain optimistic about bitcoin’s potential.
Venture capitalist Tim Draper, for example, remains confident that Bitcoin can reach $250,000 this year.
Notably, Standard Chartered previously predicted in September 2021 that Bitcoin would double in value and hit $100,000 by early 2022, a target that remains elusive for bulls.
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