The Blubber

Bitcoin could hit $100,000 by end-2024, Standard Chartered has said.

“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,” analyst Geoff Kendrick of Standard Chartered said in the report, titled “Bitcoin — Pathway to the USD 100,000 level.”

“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,” Kendrick added.

“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).”

“The associated price jump – from below USD 20,000 before the SVB issues to above USD 30,000 – has dramatically increased the profitability of Bitcoin mining companies,” Kendrick wrote.

“With the price of BTC now well above our USD 15,000 estimate of direct costs, miners are unlikely to sell many coins,” Kendrick said.

“The broader macro backdrop for risky assets is also gradually improving as the FOMC nears the end of its tightening cycle. While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly.”