Although the value of Bitcoin (BTC) has doubled since the beginning of this year, Standard Chartered believes the leading cryptocurrency is on track to reach $100,000 by the end of 2024.
Bitcoin Poised for 160% Resurgence
The bank’s research note stated that “crypto spring is here” and reiterated the initial prediction made in April. In this previous forecast, the bank also predicted that BTC could reach the six-figure level by the end of next year. So far, Bitcoin has seen an increase of up to 130% year-to-date (YTD). At the time of writing, the number one digital currency has reclaimed the $38,000 price level, rising to $38,092.48 amid a 2.80% increase in the last 24 hours.
Bringing the currency to the expected level would require an additional increase of over 160%. Geoff Kendrick, head of foreign exchange research at Standard Chartered, believes that some of the main drivers of Bitcoin’s rise are its continued dominance in the cryptocurrency market, as well as increased accumulation by miners.
Furthermore, Kendrick acknowledged that Bitcoin’s market capitalization has grown from 45% in April to around 50% today. This development has sparked investor interest in the crypto ecosystem and, in turn, fueled widespread adoption.
“Going forward, we expect the growing overall market capitalization of digital assets to be a bigger driver of BTC price growth than a continued increase in BTC’s dominance in the space,” Kendrick added.
Recently, the anticipation of a timely approval of the Bitcoin ETF by the US SEC also caused a significant jump in the asset’s price. Coiningape reported a few days ago that Bitcoin will likely approach $42,000 as the industry moves closer to approving the Bitcoin Spot ETF.
Different opinions on the price of Bitcoin (BTC)
Meanwhile, several experts shared their opinions on the possible price gain of Bitcoin (BTC) in the long term. Renowned market analysis platform Wolfe Research has expressed confidence that Bitcoin is making an upward move that could see its price return to the $40,000 level.
Wolfe’s prediction is not considered far-fetched considering the fact that cryptocurrencies are currently showing positive momentum.
Dan Tapiero, a macroeconomic guru and investment manager, predicted a similar outlook to Standard Chartered Bank. He made a conservative prediction that Bitcoin could reach $100,000, however, unlike the banking giant, he set his own timeline for 2025.