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- Standard Chartered forecasts that Bitcoin’s price will reach $100,000 by the conclusion of 2024.
- This forecast was disclosed in one of their recent notes on Monday.
- The report anticipates BTC‘s market capitalization to increase to the 50–60% range.
While 2022 was not particularly favorable for Bitcoin and other cryptocurrencies, 2023 has proven to be quite the contrary. According to CoinMarketCap data, 2023 has seen Bitcoin’s price increase by nearly 64% year-to-date.
Nevertheless, new forecasts have emerged suggesting that Bitcoin’s price will rise even further. Standard Chartered indicated in a recent note on Monday that they anticipate Bitcoin’s price could reach as high as $100,000 by the end of 2024.
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Standard Chartered Predicts BTC to hit $100,000
Standard Chartered analyst Geoff Kendrick noted in the report that the failures of banks, including Silicon Valley Bank and others, have strengthened Bitcoin’s position as a “decentralized, trustless, and scarce digital asset.”
Kendrick remarked in the report: “We see potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024, as we believe the much-touted crypto winter is finally over.”
The note also emphasizes that BTC’s market capitalization could shift into the 50–60% range from its current 45%. Bitcoin has experienced a relatively positive year, rising from its yearly low of $15,599 to a peak of $31,005. However, at the time of reporting, BTC had decreased to $27,258, reflecting a 0.83% decline in value over the past 24 hours.
