As the “crypto winter” comes to an end, according to Standard Chartered, Bitcoin’s future looks increasingly promising. The bank’s optimistic outlook suggests that BTC could reach $100,000 by the end of 2024, stirring interest among potential investors.
With such a bullish forecast, many are now asking whether it’s the right time to buy Bitcoin and capitalize on the anticipated growth.
Crypto Winter Ends — Bitcoin Poised to Reach $100,000 by Late 2024, According to Standard Chartered
According to a paper published on Monday by Standard Chartered, the value of Bitcoin could reach $100,000 by the end of 2024. The failure of Silicon Valley Bank and other mid-tier US institutions has bolstered the case for Bitcoin as a “decentralized, trustless, and scarce digital asset,” according to Standard Chartered analyst Geoff Kendrick.
“We envision Bitcoin (BTC) potentially reaching the $100,000 level by the end of 2024, as we believe the long-discussed ‘crypto winter’ has finally come to an end,” Kendrick said in the study, titled “Bitcoin — Pathway to the $100,000 Level.”
“The ongoing turmoil in the traditional banking sector is highly favorable for BTC outperformance – and confirms Bitcoin’s initial rationale as a decentralized, trustless, and scarce digital asset,” Kendrick concluded.
“Given these advantages, we believe BTC’s share of the total digital assets market cap could rise to the 50-60% range in the coming months (from around 45% now).”
Bitcoin proponents claim that the digital currency is a beneficial asset to diversify into during times of economic uncertainty.
According to the hypothesis, because Bitcoin has a finite number of 21 million coins, its value should climb when demand for alternative assets rises to offset the impacts of high inflation.
Potential Impact on Bitcoin?
The potential impact on Bitcoin due to the factors mentioned earlier, such as the end of the “crypto winter,” the collapse of Silicon Valley Bank, and the growing demand for alternative assets, could be significant. These events could lead to increased interest, investment, and adoption of Bitcoin as a decentralized, trustless, and scarce digital asset.
As Bitcoin’s market share potentially rises to the 50-60% range, its value is expected to appreciate, further solidifying its position as the leading cryptocurrency. This would make Bitcoin more attractive to both retail and institutional investors who seek to diversify their portfolios and hedge against economic uncertainty.
Moreover, the positive sentiment surrounding Bitcoin could contribute to a more widespread acceptance of cryptocurrencies, fostering further innovation and development within the blockchain and digital assets space.
Bitcoin is presently trading within the $27,200 to $27,823 range. Technical indicators like the RSI and MACD suggest a selling bias, but also hint at a potential upward trend in Bitcoin’s price.
If Bitcoin drops below $27,200, it could fall to the next support level at $26,665 or even further to $26,000 or $25,600.
Should demand for Bitcoin increase, it could surpass the $27,800 resistance level and potentially reach $28,260 or $28,820.
Top 15 Cryptocurrencies to Watch in 2023
Bitcoin’s recovery may take some time, prompting traders seeking profits to explore other options. From emerging altcoins to presale tokens, a diverse range of promising cryptocurrencies in the market offers the potential for substantial gains.
In response, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each possessing strong short-term and long-term prospects.
This list is continually updated to include new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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