- Bitcoin’s value might reach $100,000 by the end of 2024: Standard Chartered.
- The BTC/USD pair could benefit from the recent turmoil in the banking sector.
- Bitcoin is trading at $29,752 at press time, a 0.33% fall in the past 24 hours.
Standard Chartered, the British multinational bank, has predicted in a recent note that Bitcoin’s value might reach $100,000 by the end of 2024 due to several variables that increase its desirability as a digital asset. According to the note, “crypto winter” has ended, and Bitcoin will thrive due to its reputation as a haven, a store of value, and a means of sending money abroad.
The note highlights the decreasing supply of new Bitcoins, which will be cut in half in 2024, as a significant catalyst for a potential price surge. Furthermore, as the Federal Reserve approaches the end of its tightening cycle, Bitcoin may trade better due to improved risk sentiment and a preference for risk-on assets.
According to Geoff Kendrick, head of digital assets research at Standard Chartered, Bitcoin could benefit from the recent turmoil in the banking sector. It is known to stabilize risk assets as the U.S. Federal Reserve ends its interest rate-hiking cycle and improves the profitability of crypto mining.
Kendrick further adds that the first set of laws the European Union has adopted to regulate the markets for crypto assets “should provide a tailwind” for Bitcoin. Notably, Bitcoin has significantly increased this year, crossing the $30,000 threshold for the first time in ten months.
After losing trillions of dollars in 2022 due to central banks raising rates and a spate of crypto businesses collapsing, the sector has made some progress in 2023. Bitcoin is changing hands at $29,752, after a 0.33% decline in the past 24 hours. According to Coinmarketcap data, the BTC/USD pair has a market capitalization of $575,371,582,259, an 8.59% increase in the same timeframe.