- Standard Chartered believes Bitcoin is on course for $100,000 next year
- Bitcoin’s halving is early next year, while the bank believes the fundamentals are key
- The bank’s analyst, Geoff Kendrick, says that the crypto winter is over
Standard Chartered has posted a bullish note regarding Bitcoin’s price, suggesting that it is on a pathway to $100,000 by 2024. In the note, analyst Geoff Kendrick claimed that the crypto winter is over and outlined a strong fundamental case for Bitcoin, saying that its unique decentralized design made it a tempting asset at a time when the traditional banking sector is under huge pressure. While 2024 might be a little too soon for Bitcoin to hit these heights, it nevertheless fits in with the general thesis over the Bitcoin cycle surrounding the halving, which takes place early next year.
Bitcoin Following Usual Path
Bitcoin has so far followed a typical bull-bear market pattern, with a year-long regression followed by a spike backup. This is expected to run out of fuel soon, leaving a slow and steady accumulation phase for the rest of the year before a resumption of a steady uptrend in 2024, in time for the halving. This typically ushers in a new bull market, although historically speaking we won’t see this until 2025.
Standard Chartered, however, believes that 2024 will be the year that Bitcoin hits this millionaire-making milestone, with Kendrick talking up Bitcoin’s core offering:
The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless and scarce digital asset. Given these advantages, 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).
Kendrick then named the holy grail of a six-figure Bitcoin as being possible within 19 months:
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.
There are lots of factors that will have an impact on this figure, most notably the desire of the U.S. government to crush access to crypto, if not the entire industry, but should this fail then the pathway to $100,000 is possible, providing the macro environment clears up and there is more free money for people to speculate floating around.