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Even though Bitcoin (BTC) has doubled its value since the beginning of this year, Standard Chartered believes that the flagship cryptocurrency is on its way to reaching $100,000 by the end of 2024.
Bitcoin Poised for 160% Resurgence
The bank’s research note declared that the “Crypto spring has sprung” and reiterated its initial forecast made in April. In this previous forecast, the bank equally predicted that BTC could hit the six-figure level by the end of next year. So far, Bitcoin has recorded up to 130% surge in the Year-to-Date (YTD) period. At the time of this writing, the number one digital currency has regained the $38K price level, soaring to $38,092.48 amid a 2.80% surge in the past 24 hours.
Having the coin reach the predicted level would demand an additional increase of more than 160%. Standard Chartered Head of FX Research Geoff Kendrick believes that some of the key drivers of Bitcoin’s surge are its consistent dominance in the crypto market as well as increased hoarding by miners.
Furthermore, Kendrick acknowledged that Bitcoin’s market capitalization has grown from 45% in April to around 50% presently. This development has piqued investors’ interest in the crypto ecosystem and has in turn driven mainstream adoption.
“Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space,” Kendrick added.
Recently, the anticipation for a spot Bitcoin ETF approval from the United States SEC has also triggered a major jump in the asset’s price. Coingape reported a few days ago that Bitcoin is likely to head towards $42,000 as the industry moves closer to approval for spot Bitcoin ETF.
Differing Views on Bitcoin (BTC) Price
Meanwhile, several experts have shared their thoughts on the possible price gain of Bitcoin (BTC) in the long run. Renowned market analytics platform Wolfe Research expressed confidence that Bitcoin is making a bullish move that might push its price back to the $40,000 level.
Wolfe’s prediction is not regarded as over-reaching, considering the fact that cryptocurrency is currently exhibiting a positive momentum.
Dan Tapiero, a macro guru and investment manager predicted a similar outlook as Standard Chartered Bank. He made a conservative forecast that Bitcoin could reach $100,000, however, unlike the banking giant, he set his own timeline for 2025.
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