Standard Chartered Predicts $100,000 All-Time High

Standard Chartered, a British multinational bank, has recently expressed optimism regarding Bitcoin (BTC), suggesting that the cryptocurrency bear market has come to an end.

Several reports indicate that Geoff Kendrick, an analyst at Standard Chartered, stated in a research note earlier this week that Bitcoin’s value is poised to increase by more than 250% from its current levels, potentially reaching a record high of $100,000.

Kendrick anticipates that Bitcoin could achieve this all-time high within the next two years, saying, “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.”

At the time of writing, Bitcoin is trading at $29,267.

Kendrick points out that the recent banking crisis, which led to the collapse of Silicon Valley Bank and triggered deposit runs at other US regional banks, has proven beneficial for Bitcoin. He explains, “The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralized, trustless and scarce digital asset.”

As reported, Kendrick also predicts that Bitcoin’s dominance in the digital assets market will grow substantially in the coming months. “Given these advantages [decentralized, trustless and scarce], we think BTC’s share of total digital assets market cap could move into the 50-60% range in the next few months (from around 45% currently).”

Furthermore, Kendrick suggests that an additional factor likely to boost Bitcoin’s price is the impending halt in rate hikes. He notes, “The broader macro backdrop for risky assets is also gradually improving as the FOMC (Federal Open Market Committee) nears the end of its tightening cycle. While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly.”