As Bitcoin’s popularity continues to surge, the question on everyone’s minds is whether it will reach the coveted $100,000 mark by the end of 2024. Standard Chartered Bank seems to think so, and in this article, we will explore their forecast and the factors that may contribute to Bitcoin’s potential rise.
Bitcoin’s Price Projections According to Standard Chartered Bank
Standard Chartered Bank, a UK-based financial institution, has released a report stating that Bitcoin could reach $100,000 by the end of 2024.
This projection comes after the “crypto winter” has come to an end, according to the bank’s report.
Geoff Kendrick, head of digital asset research at Standard Chartered Bank, stated that while there are still some uncertainties in the market, the path for Bitcoin to reach $100,000 is becoming clearer.
This projection is significant, as it would represent a massive increase from its current price of around $50,000.
Factors That May Contribute to Bitcoin’s Rise
Standard Chartered Bank has cited three main factors that may contribute to Bitcoin’s potential rise. These factors include:
1. U.S. Banking Sector Turmoil
The U.S. banking sector has been experiencing turmoil, which could lead investors to look for alternative investments such as Bitcoin. This could potentially drive up demand for the cryptocurrency.
2. Stabilization of Risk Assets as the U.S. Federal Reserve Ends Its Interest Rate Hike Cycle
The stabilization of risk assets could also contribute to Bitcoin’s rise. As the U.S. Federal Reserve ends its interest rate hike cycle, investors may look to diversify their portfolios with assets like Bitcoin.
3. Increased Profitability of Cryptocurrency Mining
Cryptocurrency mining profitability has been on the rise in recent months. This could lead to an increase in demand for Bitcoin, as more miners look to capitalize on its potential gains.
Bitcoin’s Recovery and Previous Price Predictions
Bitcoin has already made significant gains this year, surpassing $30,000 in April for the first time in ten months. This is a significant recovery from the trillions of dollars that were withdrawn from the cryptocurrency market in 2022, which caused central banks to raise interest rates and some cryptocurrency companies to go bankrupt.
While Standard Chartered Bank’s projection of $100,000 by the end of 2024 is a significant increase from Bitcoin’s current price, it is not the only projection that has been made. In November 2020, a Citi Bank analyst claimed that Bitcoin could reach $318,000 by the end of 2022. However, it closed last year down about 65% to $16,500.
Robert Kiyosaki also predicts the rise of BTC
Robert Kiyosaki, an American entrepreneur, and speaker, has also predicted Bitcoin’s price rise to $100,000. According to Kiyosaki, it was people’s growing interest in Bitcoin that led him to accumulate Bitcoins a few years ago.
“People support BTC, not the Fed or the U.S. government. Bitcoin doesn’t need the FED bailout because this cryptocurrency is people’s money. BTC at $100,000. Long live BTC,” Kiyosaki pointed out.
WHY I ❤️BITCOIN: Years ago I watched BC climb to $20k then drop to 0. I thought BC finished. Slowly watched BC climb to $6 k & I bought lots. WHY? Because people support BC not FED or Gov. BC did not need FED or Gov bailout because BC people’s money. BC to $100k. Long live BC.
— Robert Kiyosaki (@theRealKiyosaki) April 21, 2023
Conclusion
Standard Chartered Bank’s projection of Bitcoin reaching $100,000 by the end of 2024 has caused a stir in the cryptocurrency community.
While there are still some uncertainties in the market, the bank believes that the path to $100,000 is becoming clearer. Factors such as U.S. banking sector turmoil, the stabilization of risk assets, and increased profitability of cryptocurrency mining may contribute to Bitcoin’s potential rise.
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