Standard Chartered announced on Monday that the leading cryptocurrency bitcoin He said the cryptocurrency could reach $100,000 by the end of 2024 and that the “crypto winter” is over.
Geoff Kendrick, head of digital assets research at Standard Chartered, said in a note that Bitcoin could profit from factors such as the recent turmoil in the banking industry, stabilization of risk assets as the US Federal Reserve ends its rate-raising cycle, and increased profitability of crypto mining.
Koinfinans.com “As sources of uncertainty persist, we think the path to the $100,000 level is becoming clearer,” Kendrick said.
Crypto The asset has been bullish so far this year. It hit over $30,000 in April for the first time in ten months. These gains represent a partial recovery after trillions of dollars were wiped out of the crypto sector in 2022 as central banks hiked interest rates and a number of crypto firms went bankrupt.
Very high valuation estimates were common during Bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year at $16,500, down about 65%.