- Standard Chartered analyst expects bitcoin to hit $100,000 in 2024.
- Geoff Kendrick defined his bitcoin price prediction in a analysis notice.
- Bitcoin is at the moment down over 10% versus its excessive earlier this month.
Bitcoin has misplaced greater than 10% in current days however that, as per a Standard Chartered analyst, could be a chance to purchase.
Bitcoin might greater than triple from right here
Geoff Kendrick stays satisfied that the world’s largest cryptocurrency will greater than triple to $100,000 in 2024.
His bitcoin price prediction is based mostly primarily on the current financial institution failures. In a analysis notice, the analyst mentioned immediately:
Current stress in conventional banking sector is extremely conducive to BTC outperformance – and validates the authentic premise for Bitcoin as a decentralised, trustless, and scarce digital asset.
The explosive rally in bitcoin following the collapse of Silicon Valley Bank on March 10th does appear to help his thesis. On high of that, the complete provide of BTC is scheduled to halve subsequent 12 months that’s historically delivered a lift to its price.
Other causes for his bitcoin price prediction
Kendrick expects bitcoin to considerably outperform additionally as a result of the U.S. Federal Reserve now appears prone to slam the breaks on lifting charges.
Another optimistic catalyst he cited are the bitcoin miners. The current surge in BTC, the analyst famous, has served to enhance their profitability thereby making them much less prone to promote many cash.
Given these benefits, we predict bitcoin’s share of complete digital belongings market cap might transfer into the 50% to 60% vary in the subsequent few months (from round 45% at the moment).
His $100,000 bitcoin price prediction is according to what a Gemini government additionally forecast final month.
The submit Bitcoin price prediction for 2024: is $100,000 still on the cards? appeared first on CoinJournal.
