Standard Chartered Predicts Bitcoin to Reach $100,000 by End of 2024

By: Isha Das

A recent research note by Standard Chartered, a British multinational bank, anticipates a significant surge in the value of Bitcoin, predicting it could reach $100,000 by the end of 2024. The bullish forecast builds on Bitcoin's impressive recovery throughout 2023, leading the bank to identify the onset of a 'crypto spring', a phase of renewed vitality in the cryptocurrency market.

The optimistic prediction is partly attributed to the US government's expected approval of multiple spot Bitcoin ETFs that, according to Geoff Kenrick, Head of Crypto Research at Standard Chartered Bank, will set the stage for an increase in institutional investment in cryptocurrencies. The bank also perceives the upcoming Bitcoin 'halving', set to occur in late April 2024, to be another contributory factor for the price increase by limiting the cryptocurrency's supply.

Bitcoin's record-breaking hash rate, which represents the processing power used by miners to secure the network, further bolsters Standard Chartered's bullish forecast. Recent on-chain data suggests increased maturity and stability in the Bitcoin market compared to large-cap stocks and index funds. Additionally, despite price volatility, Bitcoin's dominance in the crypto-assets market remains robust, with the digital currency commanding nearly half the total market cap.

However, aspiring Bitcoin investors should exercise caution, as every investment involves a certain degree of risk.