top of the world cryptocurrencybitcoin (BTC), is expected to soar and possibly reach $100,000 by the end of 2024 based on the latest information from British multinational bank Standard Chartered.
Indeed, the banking giant claims that the “crypto winter” that began in 2022 is officially over, according to a report Since Reuters April 24.
In the report released on Monday, Standard Chartered’s head of digital asset research, Geoff Kendrick, highlighted several factors that could potentially increase Bitcoin’s value in the near future. These include recent unrest in the banking sectora stabilization of risk assets after the end of the US Federal Reserve (Fed) rate hike cycle and an improvement in the profitability of cryptocurrency mining.
“While sources of uncertainty remain, we believe the path to the $100,000 level is becoming clearer,” Kendrick said.
Since the start of the year, Bitcoin has seen a major rally from $16,500 all the way to $30,000, surpassing the latter mark for the first time in ten months. Bitcoin’s surge also shows a partial market recovery, especially after a tough 2022 brought many crypto firms to their knees, including FTX, Terraform Labs, Celsius, 3AC and others.
How Other BTC Estimates Turned Out
In previous Bitcoin rallies, it was common to hear bullish projections of soaring valuations. An example occurred in November 2020 when a Citibank analyst suggested that Bitcoin could potentially reach an impressive $318,000 by the end of 2022. Despite these high expectations, the cryptocurrency closed last year down 65%, ending at $16,500.
More recently, author of the best-selling personal finance book“rich dad, poor dad“, Robert Kiyosaki, again publicly showed its support for Bitcoin. In a tweet posted on April 21, Kiyosaki Express that people support BTC, not the Fed or the government, and see the price go all the way up to $100,000.
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