Standard Chartered made a bold Bitcoin price prediction for the next bull cycle amid an unfolding banking crisis in the United States.
In a note published on April 24, Standard Chartered analysts predicted that Bitcoin prices will climb to $100,000 by the end of 2024.
The bank analyst was confident that the bear market is over and prices will continue higher next year in the next bull market cycle.
“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,”
Bitcoin to Hit Six Figures
Kendrick predicted that Bitcoin market dominance would also return to the 50-60% level. It is currently 47.37%, according to Tradingview, having fallen back 3% over the past couple of weeks.
He also said stablecoin woes and shrinking supplies have also benefitted Bitcoin. An outflow of stablecoins into BTC has been seen this month as the asset reached a ten-month high of roughly $31,000.
Speculation that the Federal Reserve will ease monetary tightening further means the “pathway to the USD 100,000 level is becoming clearer,” he added.
In his report, the analyst also noted a benefit to Bitcoin mining firms which have seen stock prices surge in 2023.
“The associated price jump – from below USD 20,000 before the SVB issues to above USD 30,000 – has dramatically increased the profitability of Bitcoin mining companies.”
Kendrick concluded that the broader backdrop for risky assets such as BTC is improving. “While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly,” he said.
Crypto Market Outlook
Total capitalization has slipped 1.3% on the day to $1.2 trillion, and further declines are looking likely this week.