Standard Chartered (STAN.L) stated on Monday that the “crypto winter” is ended and that Bitcoin may reach $100,000 by 2024.
In a note, Standard Chartered’s head of digital assets research Geoff Kendrick said Bitcoin might benefit from recent banking sector volatility, risk asset stabilization as the U.S. Federal Reserve stops its rate-hiking cycle, and crypto mining profitability.
“While sources of uncertainty remain, we think the pathway to USD 100,000 level is becoming clearer,” Kendrick wrote.
Bitcoin broke $30,000 in April for the first time in ten months. The crypto business lost trillions of dollars in 2022 as central banks raised interest rates and several crypto enterprises collapsed.
During bitcoin rallies, sky-high prices were predicted. In November 2020, a Citi analyst stated Bitcoin might reach $318,000 by 2022. Last year, it closed at $16,500, down 65%.
