LONDON, April 24 (Reuters) – Top cryptocurrency bitcoin could hit $100,000 by the end of 2024, Standard Chartered (STAN.L) said on Monday, saying the so-called “crypto winter” is over.
Bitcoin could benefit from factors such as recent turmoil in the banking sector, a stabilization in risky assets as the US Federal Reserve ends its rate hike cycle, and improved profitability in crypto mining. said Geoff Kendrick, head of digital asset research at Standard Chartered, in a note.
“While sources of uncertainty remain, we believe the path to the $100,000 level is becoming clearer,” Kendrick wrote.
Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. These gains represent a partial recovery after billions of dollars were wiped out of the crypto sector in 2022, as central banks raised interest rates and a series of crypto firms imploded.
Predictions of exorbitant valuations have been commonplace during past bitcoin rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down around 65% at $16,500.
Reporting by Elizabeth Howcroft; edited by Tom Wilson and Louise Heavens
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