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- 1 U.K. banking giant Standard Chartered is positive Bitcoin will do the dream run.
- 2 The bank states multiple factors that could fuel the rally.
People love Bitcoin, and many hope and predict it will reach the dream $100K mark soon. The United Kingdom’s multinational banking giant joins the list. Reuters reported on April 24, saying Standard Chartered predicted that Bitcoin could reach $100k by the end of 2024.
Bitcoin Going for The Dream Run
According to Reuters, the U.K. banking giant claimed that the crypto winter, which started around June 2022, is officially over. Geoff Kendrick, Standard Chartered’s head of digital assets research, said multiple factors could make the dream run possible.
Factors include the recent turmoil in the banking sector created by the collapse of a bunch of banks. Silvergate Bank filed for bankruptcy on March 8, Silicon Valley Bank came under the FDIC receivership on March 10, and Signature Bank was shut down by the regulators on March 12. Three major banks went out of the picture in just four days.
The stabilization of risk assets after the cycle of an interest rate hike by the Federal Reserve ended. They raised the rates to curb inflation, a risk usually taken during more challenging economic times. But this also inadvertently makes crypto look like a good alternative.
Also, the current scenario of crypto mining has become more profitable. The machines are now cheaper, and the BTC price increases the reward. Kendrick says that even though the uncertainty in the market prevails, the route for Bitcoin to reach the $100k mark is now more transparent.
Since the start of 2023, the price of Bitcoin has gained around 88%, from $16,500 to almost touching $31,000 for the first time in months. This rally also hints towards a partial recovery of the industry from the events of 2022. It should be known that the sector suffered massively due to the implosion of FTX, Terraform Labs, Three Arrows Capital, etc.
During previous rallies, many optimistically predicted new heights for Bitcoin. For instance, in November 2020 Citi Bank analysts suggested that BTC would reach $318,000 by the end of 2022. But due to certain market conditions, it closed last year at around $16,500.
Others’ Optimism about Bitcoin
In a Tweet on April 21, Rich Dad Poor Dad author Robert Kiyosaki expresses his love for Bitcoin and expects it to reach $100k soon. Ark Invests Cathie Wood has been a BTC proponent and argued multiple times that the cryptocurrency reaching the dream mark by the end of 2030.
Recently, the Democrat Presidential candidate, Robert F. Kennedy Jr, showed his support for Bitcoin, saying it could provide safety during economic uncertainties. The crypto community rejoiced to have a presidential candidate’s support and hopes for his win.
At press time, Bitcoin was trading at $27,383.29 with a slight drop of 1.28%, value against Ethereum gained 0.61% to 14.99ETH. The market cap dipped by 1.27% to $530 Billion, and trading volume gained 21.65% to $16.7 Billion in the last 24 hours.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
