Bitcoin Price Prediction as Standard Chartered Says 'Crypto Winter is Over' and Says BTC Could Reach $100,000 by End of 2024 – Time to Buy?
As the "crypto winter" comes to an end, according to Standard Chartered, Bitcoin's future looks increasingly promising. The bank's optimistic outlook suggests that BTC could reach $100,000 by the end of 2024, stirring interest among potential investors.
With such a bullish forecast, many are now asking whether it's the right time to buy Bitcoin and capitalize on the anticipated growth.
According to a paper published on Monday by Standard Chartered, the value of Bitcoin could reach $100,000 by the end of 2024. The failure of Silicon Valley Bank and other mid-tier US institutions has bolstered the case for Bitcoin as a "decentralized, trustless, and scarce digital asset," according to Standard Chartered analyst Geoff Kendrick.
"We envision Bitcoin (BTC) potentially reaching the $100,000 level by the end of 2024, as we believe the long-discussed 'crypto winter' has finally come to an end," Kendrick said in the study, titled "Bitcoin — Pathway to the $100,000 Level."
"The ongoing turmoil in the traditional banking sector is highly favorable for BTC outperformance - and confirms Bitcoin's initial rationale as a decentralized, trustless, and scarce digital asset," Kendrick concluded.
"Given these advantages, we believe BTC's share of the total digital assets market cap could rise to the 50-60% range in the coming months (from around 45% now)."
Bitcoin proponents claim that the digital currency is a beneficial asset to diversify into during times of economic uncertainty.
According to the hypothesis, because Bitcoin has a finite number of 21 million coins, its value should climb when demand for alternative assets rises to offset the impacts of high inflation.
The potential impact on Bitcoin due to the factors mentioned earlier, such
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