A recent projection from Standard Chartered anticipates a significant increase on the price of Bitcoin, reaching $100,000 by late 2024. According to a Business Insider report, the bank foresees a substantial rise in the value of the leading cryptocurrency, at least doubling its current value.
The prediction is based on various factors, including Bitcoin’s ongoing dominance in the crypto space. The increase in accumulation by miners was also taken into account. Geoff Kendrick, head of FX research at Standard Chartered, highlighted the rise in BTC’s share in the digital asset market, growing from 45% in April to approximately 50%, contributing an additional $10,000 to its price.
Very Optimistic Forecasts for Bitcoin
The possibility of the approval of Bitcoin exchange-traded funds (ETFs) in the United States also contributes to the bullish forecast. Kendrick expressed that the decrease in Treasury yields could further boost BTC’s value, as cryptocurrencies are often used as long-term investments.
Moreover, the sale of mined Bitcoin decreased to around 80% in the fourth quarter. It is already a trend for miners to retain larger amounts of the currency as the price increases. The upcoming Bitcoin halving in April is also expected to reduce the new supply and typically result in a peak in prices 12-18 months after the event.
In July, Standard Chartered predicted that Bitcoin could reach $50,000 within the year and an impressive $120,000 by the end of 2024. According to the latest data from CoinMarketCap, BTC is trading at $37,993 per unit. With a slight uptick of nearly 2%, it hovers around $38,000. Its market capitalization is almost $743 billion. On the other hand, its 24-hour volume experienced a significant growth of 55.56%, reaching $24.5 billion.
Standard Chartered’s optimistic prediction is based on what seems to be solid fundamentals; time will reveal the results. Meanwhile, it is essential to pay attention to all market signals.
