# Bitcoin could hit $100,000 by end-2024, Standard Chartered says
Published: 2023-04-24
Category: News
Category URL: https://technologydispatch.com/category/news/
Meta Title: Bitcoin to Reach $100,000 by 2024, Says Standard Chartered
Meta Description: Standard Chartered forecasts Bitcoin reaching $100,000 by 2024, citing improved profitability, banking sector turmoil, and Fed rate changes as key factors.
URL: https://technologydispatch.com/bitcoin-could-hit-100000-by-end-2024-standard-chartered-says/

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LONDON (Reuters) – Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called “crypto winter” is over.

Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Standard Chartered’s head of digital assets research Geoff Kendrick said in a note.

“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick wrote.

Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. It gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded.

Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.

(Reporting by Elizabeth Howcroft; editing by Tom Wilson and Louise Heavens)


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