In a bold projection, Standard Chartered, the British multinational bank, foresees a substantial increase in the value of Bitcoin, expecting it to reach Bitcoin’s value. $100,000 by the end of 2024.
Observing Bitcoin’s impressive resurgence over the current year, the bank identifies the beginning of what they call the ‘crypto spring’.
This period of renewed vitality in the cryptocurrency market has led to optimism, leading Standard Chartered to set an ambitious target for Bitcoin’s future valuation.
Bitcoin Surpasses $38,200, StanChart Predicts $100,000 by 2024
The world’s largest cryptocurrency, Bitcoin, once again attracted interest from institutional investors this week when its price surpassed $38,200 on November 29.
Geoff Kendrick, Head of Crypto Research at Standard Chartered Bankreiterated the company’s bullish prediction that Bitcoin’s price could reach $100,000 by 2024.
The projection is a continuation of the bank’s outlook for this year in April. The April survey found that a number of reasons that could fuel Bicoin’s rise above $100,000 are already in action, and that the crypto winter has now ended.
The report highlighted that there was a disruption to the financial system in March this year, which contributed to the ‘recovery’ of Bitcoin’s use as a decentralized, scarce digital currency.
Bitcoin market cap currently at $740 billion on the daily chart: TradingView.com
Kendrick and the Standard team expressed optimism that the US government’s approval of multiple spot Bitcoin ETFs will be the next catalyst for cryptocurrency growth, and that these developments will occur sooner than originally expected.
“We believe that a number of spot ETFs will be approved for both Bitcoin and Ethereum in the first quarter of 2024, paving the way for institutional investments,” they said.
Furthermore, Standard Chartered highlighted another cause that could lead to future price increases: the upcoming Bitcoin ‘halving’, which would limit the supply of the coin and is expected to take place at the end of April 2024.
BTC seven-day price action. Source: CoinMarketCap
With headquarters in London, Standard Chartered serves a global client base of both individual and corporate clients. Although it does not offer retail banking services in the UK, its multi-billion dollar operations in Asia, Africa and the Middle East position it as one of the world’s most important financial companies.
And it is because of this important role in the global financial system that Standard Chartered’s positive forecast for Bitcoin earlier this month is all the more intriguing.
Record hash rate and market maturity validate Standard’s bullish forecast
Bitcoin’s hash rate, the amount of processing power miners use to secure the network, and a measure of the network’s strength – which recently reached an all-time high – all support Standard Chartered’s bullish stance.
BTC Price Volatility Trends compared to Mega Cap Stocks (data as of Nov. 2023). Source: IntoTheBlock
Meanwhile, recent on-chain data from IntoTheBlock indicates that the Bitcoin market has shown indications of increasing maturity and stability compared to large-cap stocks and index funds.
Standard Chartered’s prediction of a Bitcoin price rise has been confirmed as Bitcoin has experienced a remarkable 130 percent increase in 2023. According to the bank, everything is going as expected.
BTC’s dominance of the digital asset market remains robust, having risen from 45 percent in April to a current 50 percent share of the total market capitalization.
Analysts at Bernstein echoed Standard Chartered’s optimism, predicting that Bitcoin could reach $150,000 by mid-2025 for the same supply-related reasons.
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