Bitcoin may hit $100,000 by end-2024, Customary Chartered says

By Elizabeth Howcroft

LONDON (Reuters) – High cryptocurrency bitcoin may attain $100,000 by the tip of 2024, Customary Chartered mentioned on Monday, saying that the so-called “crypto winter” is over.

may achieve from components together with current turmoil within the banking sector, a stabilisation of threat belongings because the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Customary Chartered (OTC:)’s head of digital belongings analysis Geoff Kendrick mentioned in a word.

“Whereas sources of uncertainty stay, we expect the pathway to the USD 100,000 stage is changing into clearer,” Kendrick wrote.

Bitcoin has rallied up to now this yr, rising above $30,000 in April for the primary time in ten months. It good points symbolize a partial restoration after trillions of {dollars} have been wiped from the crypto sector in 2022, as central banks hiked rates of interest and a string of crypto companies imploded.

Predictions of sky-high valuations have been commonplace throughout bitcoin’s previous rallies. A Citi analyst mentioned in November 2020 that bitcoin may climb as excessive as $318,000 by the tip of 2022. It closed final yr down about 65% at $16,500.