Standard Chartered’s Optimistic Outlook
In a striking forecast, Standard Chartered, a leading British multinational bank, predicts a significant rise in Bitcoin’s value, projecting it to hit the $100,000 mark by the end of 2024. This prediction comes amidst Bitcoin’s remarkable recovery this year, signaling what the bank terms as the ‘crypto spring’ – a period marked by revitalized energy and optimism in the cryptocurrency market.
Bitcoin’s Current Trajectory and Future Prospects
Recently, Bitcoin’s price soared past $38,200, capturing the attention of institutional investors worldwide. Geoff Kendrick, the Head of Crypto Research at Standard Chartered, reaffirms the bank’s bullish stance, foreseeing Bitcoin’s value potentially reaching $100,000 by 2024. This projection aligns with the bank’s earlier predictions made in April, citing several factors that could drive Bitcoin’s price upwards, including the end of the crypto winter and the re-establishment of Bitcoin as a decentralized digital currency.
Key Drivers for Bitcoin’s Growth
Standard Chartered points to several catalysts that could fuel Bitcoin’s growth. The anticipated US government approval of multiple spot Bitcoin ETFs in early 2024, particularly for Bitcoin and Ethereum, is expected to pave the way for increased institutional investment. Additionally, the upcoming Bitcoin “halving” event in late April 2024, which will reduce the currency’s supply, is also seen as a potential driver for price increases.
Global Influence of Standard Chartered
Standard Chartered, headquartered in London, serves a vast global clientele. Its significant role in the global financial system lends considerable weight to its optimistic predictions for Bitcoin.
Market Indicators Supporting the Bullish Outlook
The all-time high Bitcoin hash rate, indicating the strength of the network, and on-chain data showing signs of market maturity and stability, further validate Standard Chartered’s bullish prediction. The bank notes that Bitcoin has experienced a substantial 130 percent surge in 2023, with its market dominance also increasing significantly.
Echoing Optimism from Other Analysts
Bernstein analysts share Standard Chartered’s positive outlook, predicting that Bitcoin could reach as high as $150,000 by mid-2025, citing similar supply-related reasons.
