In a recent report, British banking giant Standard Chartered's head of digital assets research,
Geoff Kendrick
, has declared that the crypto winter, which began in 2022, is officially over.
Kendrick has also shared his estimations that Bitcoin (BTC), the leading cryptocurrency by market cap, could reach $100,000 by the end of 2024.
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The Standard Bank analyst pointed out that the factors to trigger a massive increase in BTC price include the recent U.S. banking crisis causing investors to lose confidence in the traditional financial system.
- The banking turmoil started in March, with the consecutive collapses of crypto-friendly Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank within just a week.
- The report implied that this crisis could lead to the stabilization of risk assets.
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BTC has increased over 80% in value since the beginning of 2023 and
surpassed the $30,000
barrier in early April for the first time since June 2022.
- However, the leading cryptocurrency started showing a downward trend again, with its price retreating to the $27,000 level.
- The popular digital currency is still down nearly 60% from its all-time high in November 2021.
- Predictions of sky-high valuations for Bitcoin have gained massive popularity in recent years, though they mostly do not come to fruition.
- In November 2020, a Citibank analyst estimated that Bitcoin could reach $318,000 by the end of 2022, and the leading cryptocurrency closed last year at $16,500.
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Robert Kiyosaki, the famous author of the best-selling personal finance book “Rich Dad, Poor Dad," also recently shared his predictions that the BTC price could see the $100,000 level.
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