According to Standard Chartered Bank, crypto winter is over and Bitcoin could hit $100,000 by 2024.
Geoff Kendrick, head of crypto research at Standard Chartered, made the point:
“We see the potential for Bitcoin (BTC) to hit $100,000 by the end of 2024, as we believe the ‘crypto winter’ is finally over.”
Accordingly, the recent US banking crisis has fueled growth for Bitcoin and reminded of its core value, as “a decentralized digital asset”. In addition, the analyst of Standard Chartered Bank also listed potential growth drivers for BTC in the near term, including the Fed's halt to interest rate hikes, the next Bitcoin halving and regulations in the direction of beneficial for cryptocurrencies.
What makes the bank believe BTC will hit $100,000 is that the coin is holding a position as a “safe haven” and a great store of value. continues to rise and continues to dominate the cryptocurrency industry.
In addition, while Bitcoin often benefits when traditional assets suffer, the current Nasdaq correlation indicators show that Bitcoin is gradually in sync with the overall risk-on-asset situation. Standard Chartered believes that the Fed's rate hike cycle is coming to an end, which is expected to bring an improvement to the risk asset class and also to Bitcoin.
Next, the Bitcoin Halving cycle is also an indication of BTC's price retracement when compared to past halvings. This event will take place around April-May 2024, bringing the Bitcoin block reward from 6.25 BTC to just 3,125 BTC.
Finally, Kendrick argued that the European Union's Cryptocurrency Asset Market (MiCA) regulation, passed by the European Parliament last week could have positive implications for investors. BTC holdings.
In total, the journey for Bitcoin to reach 100,000 USD will happen through each event as follows, from the perspective of Standard Chartered bank:
Bitcoin journey to reach 100,000 USD through each event. Source: Standard Chartered
In stark contrast, Kendrick's colleague Eric Robertsen, head of global research and strategy at Standard Chartered, has predicted BTC could drop to $5,000 by the end of the year. At this time, gold will become a safe haven like before.
The price of BTC is currently around the $27,000 mark, falling from the $30,000 threshold last week, but this price is up from $17,000 at the start of this year.