In 2022, Bitcoin and other cryptocurrencies faced several challenges, but the situation seems to have changed in 2023. According to CoinMarketCap data, Bitcoin’s value has increased by nearly 64.42% year-to-date. Furthermore, Standard Chartered has released new projections stating that Bitcoin’s value could rise even higher, reaching $100,000 by the end of 2024.
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In the note by Standard Chartered analyst Geoff Kendrick, it was mentioned that the collapse of banks, such as Silicon Valley Bank and others, has strengthened the position of BTC as a “decentralized, trustless, and scarce digital asset.”
Standard Chartered expects Bitcoin price to touch $100,000
According to Kendrick’s statement in the report, he sees the potential for Bitcoin (BTC) to reach the USD 100,000 level by the end of 2024. This is based on his belief that the much-discussed “crypto winter” is finally over.
The note by Standard Chartered also highlights that BTC’s market capitalization could potentially increase to the 50–60% range from its current 45%. Despite experiencing a relatively positive year and reaching a high of $31,005 from its yearly low of $15,599, BTC’s value dropped to $27,389 with a 0.47% decline in the last 24 hours as of press time.
During Bitcoin’s past rallies, predictions of high valuations have been a common occurrence. In November 2020, a Citi analyst stated that Bitcoin could reach as high as $318,000 by the end of 2022. However, it closed down approximately 65% at $16,500 at the end of last year.
For BTC to reach $100,000, it should breach its all-time high of $68,789 on November 10, 2021. For this to happen, the market should end up being extremely favorable, with numerous factors coming together.