The crypto winter is over, according to a top researcher at Standard Chartered. Bitcoin is likely to reach $100,000 by end of next year, the researcher argued.

Standard Chartered Official Weighs In

According to a report from Standard Chartered’s head of digital assets research, Geoff Kendrick, the top cryptocurrency Bitcoin may reach $100,000 by the end of 2024. A CNBC story on Monday quoted excerpts from Kendrick’s 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,” Kendrick said his report, titled “Bitcoin — Pathway to the USD 100,000 level.”

Kendrick suggested that Bitcoin could benefit from several factors. Namely, the recent instability in the banking sector, a stabilization of risk assets due to the end of the US Federal Reserve’s rate-hiking cycle, and improved profitability of crypto mining. 

While uncertainties persist, Kendrick argued that the path to the $100,000 level is becoming clearer. Bitcoin has already rallied this year, surpassing $30,000 in April for the first time in ten months. 

The gains represent a partial recovery after the crypto sector lost trillions of dollars in 2022, following central banks’ interest rate hikes and the high-profile implosions of crypto firms. 

Observers Bullish on Bitcoin

It’s not just Standard Chartered that has grown increasingly bullish on Bitcoin’s

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Author: Josh Adams

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