According to Standard Chartered, the top cryptocurrency bitcoin might hit $100,000 by the end of 2024, indicating that the so-called “crypto winter” is over.
Bitcoin could benefit from recent financial sector instability, a stabilization of risk assets as the US Federal Reserve concludes its rate-hiking cycle, and greater profitability of crypto mining, according to Standard Chartered’s head of digital assets research Geoff Kendrick in a note.
“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick wrote.
Bitcoin has risen significantly this year, surpassing $30,000 for the first time in ten months in April. Its advances indicate a partial rebound after the crypto business lost trillions of dollars in 2022 as central banks raised interest rates and a string of crypto firms crumbled.
During previous bitcoin rallies, predictions of sky-high valuations were prevalent. In November 2020, a Citi analyst predicted that bitcoin might reach $318,000 by the end of 2022. It finished last year at $16,500, down approximately 65%.
