The crypto winter is over, according to a Standard Chartered research note which called for a potential price rise to $100,000 by end-2024.
The price of a single Bitcoin, currently at around $27,000, could nearly quadruple by end-2024, according to a Standard Chartered note by head of digital assets research Geoffrey Kendrick.
«While sources of uncertainty remain, we think the pathway to the $100,000 level is becoming clearer,» Kendrick said.
Bitcoin Tailwinds
The note underlined that Bitcoin could see a boost from multiple factors including the recent turmoil in the banking sector, stabilization of risk assets from the end of the Fed’s rate-hiking cycle and improved profitability in crypto mining. The note also called the EU’s recently introduced crypto regulatory framework a tailwind for Bitcoin.
According to Kendrick, Bitcoin has benefited from its status as a «branded safe haven, a perceived relative store of value and a means of remittance».
