• Major Bank U-turns on Bitcoin with $100,000 price prediction
• Standard Chartered analysts predict that Bitcoin prices will climb to $100,000 by the end of 2024
• Analyst Geoff Kendrick believes the bear market is over and prices will continue higher next year in the next bull market cycle
Major Bank U-Turns on Bitcoin
Standard Chartered recently made a bold Bitcoin price prediction for the next bull cycle amid an unfolding banking crisis in the United States. In a note published on April 24, Standard Chartered analysts predicted that Bitcoin prices will climb to $100,000 by the end of 2024.
Analysis of Current Stress in Banking Sector
The collapse of several U.S. banks, including Silicon Valley Bank, Silvergate and Signature, has solidified the case for Bitcoin as a “decentralized, trustless and scarce digital asset” according to analyst Geoff Kendrick. He was confident that the bear market is over and prices will continue higher next year in the next bull market cycle.
Bitcoin Market Dominance to Return
Kendrick predicted that Bitcoin market dominance would also return to the 50-60% level. It is currently 47.37%, according to Tradingview, having fallen back 3% over the past couple of weeks. The analyst also said stablecoin woes and shrinking supplies have also benefitted Bitcoin with an outflow of stablecoins into BTC seen this month as it reached a ten-month high of roughly $31,000.
Speculation Over Monetary Tightening
Speculation that Federal Reserve will ease monetary tightening further means that there’s a “pathway to USD 100k” says Kurtzick. He added that institutional investors are likely going to be more bullish towards BTC in 2021 which could add fuel to its rise and propel it towards $100k by 2024.
Investors Optimistic About Crypto’s Future
Investors remain optimistic about cryptocurrencies future despite criticism from some quarters including Gordon Chang who said he opposes all forms of virtual currencies because they are used for fraud or illicit activities such as money laundering or drug trafficking.. However most agree with Kurtzick’s view and believe it’s only a matter of time before crypto becomes mainstream as more investors get involved and adoption increases across different industries