Large bank turns Bitcoin with price forecast of $ 100,000

Large bank turns Bitcoin with price forecast of $ 100,000

In a message published on April 24, the analysts from Standard Chartered predict that Bitcoin prices will increase to $ 100,000 by the end of 2024.

The analyst Geoff Kendrick found that the collapse of several US banks, including Silicon Valley Bank, Silvergate and Signature, which has incorporated arguments for Bitcoin as a "decentralized, trustworthy and scarce digital good".

The bank analyst was confident that the bear market will be over and that prices will continue to rise next year in the next Bull Markt cycle.

"We see potential for Bitcoin (BTC) to reach the $ 100,000 mark by the end of 2024, as we believe that the much-praised 'crypto winter' is finally over."

Bitcoin should be six digits

The current stress in the traditional banking sector is very beneficial for BTC's outperformance, he said according to CNBC.

Kendrick predicted that the dominance of the Bitcoin market would also return to the level of 50-60 %. According to the TradingView, it is currently 47.37 % after it has decreased by 3 % in the past few weeks.

He also said that StableCoin problems and shrinking supplies also benefited Bitcoin. This month, a drainage of stable coins in BTC was observed when the asset reached a ten -month high of around $ 31,000.

Speculation that the Federal Reserve will loosen the monetary policy tightening, mean that "the path to the level of $ 100,000 becomes clearer," he added.

In his report, the analyst also found an advantage for Bitcoin mining companies that experienced an increase in stock prices in 2023

"The associated price jump-from less than USD 20,000 before the SVB issue to over 30,000 USD-has dramatically increased the profitability of the Bitcoin mining companies."

Kendrick came to the conclusion that the wider background for risky assets such as BTC improves. "While BTC can act well if risky assets suffer, correlations with the NASDAQ indicate that it should be better if risky assets in general improve," he said.

Standard Chartered is another bank that takes a large turnaround at Krypto. In December 2022, the bank predicted that the BTC prices would fall to $ 5,000 after the collapse of the FTX. How things can change in just a few months!

outlook on the cryptom market

Bitcoin prices are currently traded by 1.4 % to $ 27,399 at the time of the writing of this article. The resistance at the level of $ 30,000 was too strong to overcome it and they have entered an expected correction.

Total capitalization fell by 1.3 % to $ 1.3 % on this day, and further declines are likely this week.

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