Bitcoin Could Hit $100k Next Year, Says Standard Chartered

TL;DR

• Analysts at Standard Chartered Bank are optimistic that the bear market is over.

• They predict that Bitcoin’s price could hit $100,000 by next year.

Winter Is Over

Analysts at Standard Chartered Bank believe that the crypto winter is over, and Bitcoin is set to hit new highs over the next few months. 

Geoff Kendrick, head of crypto and FX research at the bank, said in a note Monday that;

"We see the potential for Bitcoin (BTC) to reach the $100,000 level by end-2024, as we believe the much-touted 'crypto winter' is finally over."

Bitcoin has seen its price surge by more than 60% since the start of the year, outperforming the other major assets in the world, including gold. The recent banking crisis in the United States and Europe could have played a role in re-establishing Bitcoin’s case as a decentralized, trustless and scarce digital asset. 

Furthermore, the analysts cited the upcoming Bitcoin halving event and how it has benefited the leading cryptocurrency over the last decade.

Bitcoin has rallied to a new all-time high months after a halving event, and the Standard Chartered analysts believe that would be the case this time around. As a result, they believe that Bitcoin could reach the $100k mark by 2024. 

The analysts wrote;

"Troubles faced by stablecoins (competing digital assets) have also helped bitcoin to regain its reputation as 'digital gold.”

They added that Bitcoin benefits from its status as a safe haven and has a perceived relative store of value within the digital asset space. 

In terms of regulation, the analysts believe that Bitcoin would benefit from clearer regulations in the United States and Europe. The European Union's Markets in Crypto Assets (MiCA) regulation, which passed last week through European Parliament last week, could have a positive impact on Bitcoin and the broader crypto market in the near term.