Standard Chartered predicts the price of Bitcoin to hit $100,000 by 2024’s end.
The prediction was released in one of their recent notes on Monday.
The report predicts BTC’s market cap to rise to the 50–60% range.
While 2022 was relatively not the best year for Bitcoin and other cryptocurrencies, 2023 has emerged to be quite the opposite. 2023 witnessed the price of Bitcoin rise by almost 64% YTD, according to CoinMarketCap data.
However, new projections have surfaced that indicate the price of Bitcoin will soar higher. Standard Chartered stated in a recent note on Monday that they expect the price of Bitcoin to jump as high as $100,000 by the end of 2024.
Standard Chartered Predicts BTC to hit $100,000
Standard Chartered analyst Geoff Kendrick mentioned in the note that the collapse of banks, including Silicon Valley Bank and others, made NTC’s stance robust as a “decentralized, trustless, and scarce digital asset.”
Kendrick stated in the report: “We see potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024, as we believe the much-touted crypto winter is finally over.”
The note also stresses that the market cap of BTC could move into the 50–60% range from its current 45%. Bitcoin has had a relatively good year, as it has risen from its yearly low of $15,599 to touch a high of $31,005. However, at press time, BTC had dropped to $27,258 with a 0.83% drop in value over the last 24 hours.