Ştandard Chartered analyst Geoff Kendrick
believes that Bitcoin could soar by about
$20,000 to hit around $49,000 if the US
defaults on its borrowing limits. Kendrick
stated that Bitcoin has a reputation for
performing well in periods of stress and is
often seen as a safe haven due to its
decentralized nature. However, he expects
some volatility, with Bitcoin potentially
dipping by about $5,000 before rebounding
again.
Kendrick also pointed out that while other
cryptocurrencies like Ethereum may trade
more ikelstocks and fall in a default, Bitcoin's
behavior as a safe haven makes it an optimal
trade. Kendrick expressed his bullishness
towards Bitcoin, predicting it could rally to
$100,000 by the end of 2024 due to various
factors, including banking turmoil and Bitcoin
halving. By press time, Bitcoin was trading at
$29,254, with a one-day technical analysis
turning bullish.