As Bitcoin (BTC) experiences a massive rally this year, Standard Chartered Bank has predicted a price of $100,000 by the end of 2024. In fact, the $820 billion bank shared its forecast and pointed out that the “crypto spring” has already begun.
The forecast is a repeat of one the bank made in April this year. The bank stated that Bitcoin would reach six figures by the end of next year. Furthermore, this forecast has already been supported by the 130% increase in wealth so far in 2023. Still, the forecast would require assets to rise another 160% in 2024.
JUST IN: $820 Billion Standard Chartered Bank predicts #Bitcoin will reach $100,000 by the end of 2024.
– Watcher.Guru (@WatcherGuru) November 28, 2023
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Standard Chartered predicts Bitcoin will be worth $100,000 in 2024
After a terrible year for digital assets in 2022, this year has proven to be something of a return to form. The price of Bitcoin, in particular, has risen steadily over the past few months. With interest in the first approved spot Bitcoin ETF in the United States, the growing importance of the industry’s most valuable asset has not slowed down.
Now, Bitcoin’s growth could continue as Standard Chartered predicts a price of $100,000 by the end of 2024. In fact, the bank shared its rather optimistic forecast and reiterated similar views expressed earlier in the year. Overall, the bank considers its dominance in the crypto space to be the main reason for its continued success.
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“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 the space,” writes FX Research bank director Geoff Kendrick. In April, Bitcoin reached 50% of the market capitalization of digital assets.
Additionally, sales of mined Bitcoins have declined. Specifically, they fell to almost 80% in the fourth quarter as miners hold more and more assets. Alternatively, Bitcoin’s upcoming halving is sure to have a massive impact on the price. The recurring event, which reduces the number of tokens obtained from mining, is likely to cause prices to rise exponentially given the overwhelmingly positive sentiment and performance.
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