Business Standard

Bitcoin could hit $100,000 by end-2024, says Standard Chartered

Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle

Bitcoin, cryptocurrency

Photo: Bloomberg

Reuters

Listen to This Article

LONDON, April 24 (Reuters) - Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called "crypto winter" is over.

Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Standard Chartered's head of digital assets research Geoff Kendrick said 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 rallied so far this year, rising above $30,000 in April for the first time in ten months. It gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded.
 
Predictions of sky-high valuations have been commonplace 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 down about 65% at $16,500.
 
(Reporting by Elizabeth Howcroft; editing by Tom Wilson and Louise Heavens)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 24 2023 | 3:32 PM IST

Explore News