Bitcoin To Skyrocket To $100K By Late 2024: Standard Chartered

Standard Chartered, a renowned financial institution, has predicted a significant surge in Bitcoin’s value, with the leading cryptocurrency expected to reach a high of $100,000 by the end of 2024. This optimistic forecast is based on several factors, including Bitcoin’s dominance in the cryptocurrency space and the increased accumulation of the token by miners.

Geoff Kendrick, the head of FX research at Standard Chartered, highlighted the rise in Bitcoin’s share of the digital asset market, which has grown from 45% in April to about 50%. This increase in market share has contributed an additional $10,000 to Bitcoin’s price.

Additionally, the possibility of the approval of Bitcoin spot ETFs in the U.S. is another factor contributing to Standard Chartered’s bullish forecast. Kendrick believes that diminishing Treasury yields could further fuel Bitcoin’s value, as cryptocurrencies often serve as long-term trades.

Furthermore, the trend of miners holding onto larger quantities of Bitcoin as the price rises is visible. The sale of mined Bitcoin decreased to approximately 80% in the fourth quarter, indicating a growing sentiment among miners to retain their holdings.

The decreasing Treasury yields, currently at 4.60% from the previous month’s high of 5.17%, could also boost Bitcoin’s value. Cryptocurrencies have a tendency to be long-term trades, and with diminishing yields, investors may turn to Bitcoin as an alternative investment.

Standard Chartered’s prediction is in line with their previous forecast in July, where they predicted that Bitcoin could reach $50,000 within the year and an impressive $120,000 by the end of 2024. The bank suggests that as Bitcoin’s value increases, miners are likely to hoard more units, leading to a decrease in the supply of Bitcoin.

The forthcoming Bitcoin halving in April is also expected to reduce the new supply of Bitcoin, which typically results in a peak in prices 12-18 months after the event. This further supports Standard Chartered’s optimistic outlook for Bitcoin’s value.

In conclusion, Standard Chartered anticipates a significant surge in Bitcoin’s value, with a projected high of $100,000 by the end of 2024. Factors such as Bitcoin’s dominance in the cryptocurrency space, increased accumulation by miners, the possibility of Bitcoin spot ETF approvals, and diminishing Treasury yields contribute to this bullish forecast. Investors and cryptocurrency enthusiasts will be closely watching as Bitcoin continues its upward trajectory.