- According to a prominent Standard Chartered analyst, Bitcoin (BTC) has the capacity to smash $100,000 by the end of 2024.
- The chaos recorded in the traditional banking system has created a positive environment for Bitcoin to thrive, the analyst added.
Bitcoin impressed crypto proponents after tapping $30,000 in April, for the first time in 10 months. Sentiments became even more positive and expectations turned bullish for the apex cryptocurrency.
At present, many are predicting that Bitcoin has the potential to retest $30,000. However, even more, bullish is a recent price prediction from a Standard Chartered analyst.
According to the analyst, Bitcoin has the potential to triple its current price and go over. However, this is expected to happen over the course of this year and the preceding year. The prediction was made in a recent report that focused on Bitcoin and the USD.
The analyst, Geoff Kendrick, claimed that crypto winter has come to an end and that Bitcoin could tap $100,000 in the next 20 months. The analyst wrote in the report;
We see potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024, as we believe the much-touted ‘crypto winter’ is finally over.
Additionally, he explained that the traditional banking sector is a positive stimulant for Bitcoin’s potential upswing. He added that the current landscape affirms the original premise for Bitcoin as a decentralized truthless and scarce digital asset.
Thanks to Bitcoin’s sustaining momentum above $15,000, Miners are also unlikely to sell their large holdings
On what to expect in the near term, Kendrick stated that with the aforementioned advantages considered, Bitcoin’s share of total digital assets market cap has the capacity to go from its current levels of 40 percent to the 50 percent to 60 percent range.
Bitcoin miners are also very unlikely to sell the majority of their coins, especially as the price of Bitcoin is comfortably sitting above the $15,000 price mark. In the long run, this will favor Bitcoin, as miners have played a huge role in influencing market sentiments due to their position as large accumulators in the market, Kendrick stressed.
Kendrick provided insight into where the market is headed, after observing that Federal Open Market Committee (FOMC) is closing in on its tightening cycle,
The broader macro backdrop for risky assets is also gradually improving as the FOMC nears the end of its tightening cycle. While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly.
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At the time of this report, Bitcoin bulls are gearing up to push prices past $30,000. Although Bitcoin is currently trading at a press time price of $29,796, the asset is up by 8.92% in the last 24 hours.
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