Standard Chartered has expressed that the decline in cryptocurrencies has come to an end, and it predicts that Bitcoin could reach the $100,000 level by the end of 2024.
With the topic of Bitcoin halving creating a positive atmosphere for medium-term predictions, ambitious forecasts are starting to emerge.
Standard Chartered stated that the "crypto winter" has come to an end and mentioned that Bitcoin could reach $100,000 by the end of 2024.
Geoff Kendrick, the Head of Digital Asset Research at Standard Chartered, noted that Bitcoin could benefit from several factors such as the recent turmoil in the banking sector, the stabilization of risk assets as the Fed concludes its interest rate hike cycle, and the increasing profitability of crypto mining.
Kendrick stated, "While there are ongoing factors causing uncertainty, we believe that the path to $100,000 has become clearer."
Bitcoin has risen by 66.4% so far this year and surpassed $30,000 for the first time in 10 months in April.
These gains have partially recovered the losses from the cryptocurrency sector in 2022 when trillions of dollars were wiped out due to central banks raising interest rates and the collapse of several crypto firms.
