Bitcoin (BTC): Standard Chartered Predicts $100,000 Price in 2024

As Bitcoin (BTC) has seen a massive resurgence this year, Standard Chartered Bank has predicted a $100,000 price by the end of 2024. Indeed, the $820 billion bank shared its forecast while noting that the “crypto spring,” has already begun.

The prediction is a reiteration of a forecast that the bank had made in April of this year. The bank stated that Bitcoin would reach six figures by the end of next year. Moreover, that prediction has already been reinforced with the asset increase of 130% so far in 2023. Still, the prediction would require the asset to increase by another 160% in 2024.

Also Read: Bitcoin: Microstrategy Stock Reaches 2-year High After BTC Surge

Standard Chartered Predicts $100,000 Bitcoin in 2024

Following a horrendous year for digital assets in 2022, this year has proven to be a return to form of sorts. Specifically, Bitcoin has seen its price ever rising for the last several months. Drawing from interest surrounding the first approved Spot Bitcoin ETF in the United States, the growing relevance of the industry’s most valuable asset has not wavered.

Now, Bitcoin’s growth may be set to continue, as Standard Chartered predicts a $100,000 price by the end of 2024. Indeed, the bank shared its rather optimistic prediction, echoing similar sentiments stated earlier this year. Altogether, the bank has noted its dominance of the crypto space as a key reason for its continued success.

Bitcoin Fees Hit 2022 High Following Ordinals Recent Surge

Also Read: Standard Chartered China Launches CBDC Exchange Service

“Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space,” writes the bank head of FX Research, Geoff Kendrick. In April, Bitcoin saw its share of the digital asset market cap reach 50%.

Additionally, sales of mined bitcoin have declined. Specifically, they have fallen to nearly 80% in Q4, with miners holding more and more of the assets. Alternatively, the impending Bitcoin halving is certain to have a massive effect on its price. The recurring event that lessens the number of tokens received in mining, prices should grow exponentially amid abounding positive sentiment and performance.

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