In a bold forecast, Standard Chartered, the British multinational bank, envisions a significant surge in Bitcoin’s value, projecting it to reach $100,000 by the conclusion of 2024.
Amid BTC’s impressive resurgence throughout the current year, Standard Chartered identifies the onset of the ‘crypto spring,’ a renewed vitality in the cryptocurrency market that has sparked optimism and led to an ambitious target for Bitcoin’s future valuation.
Bitcoin Surpasses $38200
Bitcoin garnered renewed interest from institutional investors as its price surpassed $38,200 on November 29. Geoff Kendrick, Head of Crypto Research at Standard Chartered Bank, reiterated the company’s bullish forecast, stating that the price of BTC may achieve $100,000 in 2024.
This projection continues the bank’s April outlook for the year, highlighting factors already in action that might propel BTC’s ascent over $100,000, signaling the end of the crypto winter. The report emphasized the disruption in the financial system in March, contributing to the “re-establishment” of Bitcoin’s use as a decentralized scarce digital currency.
Kendrick and the Standard Chartered team expressed optimism about the US government’s potential approval of multiple spot Bitcoin ETFs, anticipating these developments to occur sooner than initially expected.
Furthermore, the bank highlighted another factor contributing to future price increases: the upcoming Bitcoin “halving,” which is expected to limit the currency’s supply and is slated to happen in late April 2024.
Based in London, Standard Chartered serves a global clientele of individual and corporate customers. While not offering retail banking services in the United Kingdom, its multibillion-dollar operations across Asia, Africa, and the Middle East position it as one of the world’s most significant financial enterprises. The bank’s positive prediction for BTC intrigues its role in the global financial system.