Bitcoin Boom: Standard Chartered Predicts BTC Price at $100,000 by 2024!

December 14, 2023 William Ross Cryptocurrency News 0

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Forget Gold Rush, It's Bitcoin Mania! Standard Chartered Bets Big on $100,000 Price Tag.

Bitcoin ETF Approval Could Spark Surge, Says Standard Chartered, Targeting $100,000 by Year-End.

Amidst the ongoing cryptocurrency rollercoaster, Standard Chartered Bank has injected optimism, boldly predicting that Bitcoin’s price will soar to a staggering $100,000 by the end of 2024.

This bullish forecast reiterated in their recent research note, signals a potential resurgence for the world’s most popular digital currency.

The bank’s analysts, led by Geoff Kendrick, head of digital asset research, attribute this potential surge to several key factors:

  • Regulatory Advancements: The long-awaited approval of a Bitcoin ETF in the United States could be a major catalyst, attracting institutional investors and boosting overall market confidence.
  • Fundamental Supply Constraints: The upcoming Bitcoin halving event in late April 2024 will significantly reduce the new supply of Bitcoin, potentially triggering a classic supply-and-demand price increase.
  • Macroeconomic Tailwinds: A potential decline in US Treasury yields could make riskier assets like Bitcoin more attractive to investors seeking higher returns.
  • Market Sentiment Shift: Standard Chartered perceives a shift away from the “crypto winter” narrative and towards a renewed sense of optimism within the cryptocurrency community.

However, the path to $100,000 won’t be without its bumps.

Potential roadblocks include:

  • Regulatory Uncertainty: The regulatory landscape surrounding cryptocurrencies remains fluid, with the potential for unforeseen interventions that could dampen market enthusiasm.
  • Competition from other Cryptocurrencies: The rise of Ethereum and other altcoins could divert some investment away from Bitcoin.
  • Technological Challenges: Scaling Bitcoin to handle widespread adoption and ensuring its long-term security remain ongoing challenges.

Despite these hurdles, Standard Chartered’s prediction has sent ripples of excitement through the crypto sphere. If Bitcoin reaches $100,000, it will mark a significant milestone, rekindling mainstream interest and propelling the broader cryptocurrency market into a new era of growth.

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William Ross
About William Ross 161 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.