Bitcoin could hit $100,000 by end-2024, Standard Chartered says

Bitcoin could gain from factors including the recent turmoil in the banking sector, a stabilization of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Standard Chartered’s head of digital assets research Geoff Kendrick said in a note.

“While sources of uncertainty remain, we think the pathway to the US$100,000 level is becoming clearer,” Kendrick wrote.

Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. It gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded.

Predictions of sky-high valuations have been commonplace during Bitcoin’s past rallies. A Citi analyst said in November 2020 that Bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.