According to a recent note from Standard Chartered, Bitcoin could reach $100,000 by the end of 2024, as several factors boost its appeal as a digital asset.
Standard Chartered Says Bitcoin Could Rise to $100,000 Next Year
According to a recent note from Standard Chartered, Bitcoin could reach $100,000 by the end of 2024, as several factors boost its appeal as a digital asset. The note predicted that the "crypto winter" is over and that bitcoin will benefit from its status as a branded safe haven, a perceived relative store of value and a means of remittance.
One of the factors that could propel Bitcoin higher is the fallout from the collapse of Silicon Valley Bank last month, which triggered fears of a banking crisis and highlighted the advantages of a decentralized and trustless system. Bitcoin also gained an edge over its competitors, especially stablecoins, some of which lost their peg to the US dollar due to their exposure to SVB.
Another factor that could support Bitcoin's price is the improved profitability of crypto miners, who are likely to hold onto their coins instead of selling them if prices remain well above mining costs. The note also cited the upcoming halving in 2024, which will reduce the supply of new bitcoins by half, as a bullish catalyst. Finally, the note suggested that bitcoin could trade better as the Federal Reserve approaches the end of its tightening cycle, which could improve risk sentiment and favor risk-on assets.
