Even though Bitcoin (BTC) has doubled in value since the beginning of this year, Standard Chartered believes that this is the case that the flagship cryptocurrency is on track to reach $100,000 by the end of 2024.
Bitcoin faces a 160% resurgence
The bank’s research note stated that the “crypto spring has begun” and reiterated its original forecast from April. In this previous forecast, the bank also predicted that BTC could reach six figures by the end of next year. So far, Bitcoin has seen gains of up to 130% year to date (YTD). At the time of writing, the number one digital currency has regained the price level of $38,000 and increased to $38,092.48 amid a 2.80% increase in the last 24 hours.
Should the coin reach the predicted level, an additional increase of more than 160% would be required. Geoff Kendrick, Head of FX Research at Standard Chartered, believes some of the main drivers of Bitcoin’s rise are its continued dominance in the crypto market as well as increasing hoarding by miners.
Additionally, Kendrick acknowledged that Bitcoin’s market cap has increased from 45% in April to around 50% currently. This development has sparked investor interest in the crypto ecosystem and, in turn, driven mainstream adoption.
“Going forward, we expect rising total market capitalization of digital assets to be a larger driver of BTC price appreciation than a sustained increase in BTC dominance in this space,” Kendrick added.
Recently, the expectation of preliminary approval of the Bitcoin ETF by the US Securities and Exchange Commission (SEC) has also triggered a significant price increase for the asset. Coingape reported a few days ago that Bitcoin was likely heading towards $42,000 as the industry moved closer to approval for spot Bitcoin ETFs.
Different views on Bitcoin (BTC) price
Meanwhile, several experts have expressed their thoughts about a possible long-term price increase for Bitcoin (BTC). The renowned market analysis platform Wolfe Research was confident that Bitcoin is on an upward trend That could push the price back to the $40,000 mark.
Given that cryptocurrencies are currently experiencing positive momentum, Wolfe’s prediction is not considered exaggerated.
Dan Tapiero, a macro guru and investment manager, predicted a similar outlook as a Standard Chartered Bank. He cautiously predicted that Bitcoin could reach $100,000, but unlike the banking giant, he set his own timeline for 2025.
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