Banking Giant Standard Chartered Expects the Bitcoin (BTC) Price to Touch $100,000 By End of 2024
As per the Reuters report on Monday, April 23, banking giant Standard Chartered has recently forecasted that the Bitcoin (BTC) price can rally all the way to $100,000 by the end of 2024.
Interestingly, the banking giant also added that the so-called “crypto winter” is over, adding that Bitcoin will continue to factors such as the recent turmoil in the banking sector as well as the stabilization of the risk assets as the US Federal Reserve would end its interest rate-hike cycle along with improved profitability of crypto mining.
In a note to investors, Standard Chartered's head of digital assets research Geoff Kendrick said: "While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer”.
Earlier this month, the BTC price rallied all the way to $30,000 extending its 2023 gains to more than 80%. This was for the first time in ten months that the Bitcoin price rallied past $30,000 since June 2022. However, the BTC price has seen a partial pullback over the last week and is currently trading close to $27,000 as of now, which is still $41,000 less from its all-time high.
During the Monday’s note to clients, Standard Chartered noted that Bitcoin (BTC) has been benefitting from its status as a "branded safe haven, a perceived relative store of value and a means of remittance”.
Another major reason behind the bullishness for Bitcoin is the upcoming Bitcoin halving event scheduled one year from now around April 2024. The Bitcoin halving basically cuts into half the amount of tokens that Bitcoin miners receive as part of the reward for their work. Past Bitcoin halving events have proved to be extremely bullish for the cryptocurrency, with the BTC price hitting record highs every time after the event.
Earlier this month on April 5, banking giant JPMorgan stated that Bitcoin halving can boost the BTC price by making it even more expensive to produce thereby causing a "positive psychological effect”.
However, there’s are a few things that could possible reduce the chances of a Bitcoin price rally ahead. This includes the massive regulatory crackdown in the US which is likely to continue this year ahead. It could put significant brakes on the Bitcoin price surge going ahead.
However, Bitcoin has shown good resilience to macro events recently as it outperformed even during the banking crisis in March.