In form of “crypto winterComing to an end, the future of bitcoin is looking increasingly promising, according to Standard Chartered. The bank’s optimistic outlook suggests BTC could reach $100,000 by the end of 2024, fueling interest among potential investors. .
With such bullish forecasts, many are now asking whether this is the right time to buy bitcoin and cash in on the anticipated rise.
Crypto Winter Ends – Bitcoin Poised To Reach $100,000 By The End Of 2024, According To Standard Chartered
according to a paper published The value of bitcoin could reach $100,000 by the end of 2024, according to Standard Chartered on Monday. The failure of Silicon Valley Bank and other mid-tier US institutions has strengthened the case for bitcoin as a “decentralised, trustless and scarce digital asset”. According to Standard Chartered analyst Geoff Kendrick.
“We envision bitcoin (BTC) potentially reaching the $100,000 level by late 2024 as we believe the long-discussed ‘crypto winter’ has finally come to an end,” Kendrick studies. In said, “Bitcoin – Pathway to the $100,000 Level.”
“The ongoing turmoil in the traditional banking sector is highly favorable for BTC outperformance – and confirms the initial argument for bitcoin as a decentralized, trustless and scarce digital asset,” Kendrick concluded.
“Given these advantages, we believe that BTC’s share of total digital asset market capitalization could increase in the coming months to the range of 50-60% (from around 45% now).
Bitcoin proponents claim that the digital currency is a beneficial asset to diversify in times of economic uncertainty.
According to the hypothesis, because bitcoin has a finite number of 21 million coins, its value should climb as demand for alternative assets increases to offset the effects of high inflation.
Potential impact on bitcoin?
The potential impact on bitcoin due to previously mentioned factors, such as the end of “crypto winter”, the collapse of Silicon Valley banks, and increased demand for alternative assets, could be significant. These developments could lead to increased interest, investment and adoption of bitcoin as a decentralized, trustless and scarce digital asset.
As bitcoin’s market share potentially increases to the range of 50-60%, its value is expected to appreciate, further cementing its position as the leading cryptocurrency. This would make bitcoin more attractive to both retail and institutional investors looking to diversify their portfolios and hedge against economic uncertainty.
Furthermore, the positive sentiment surrounding bitcoin could contribute to a more widespread acceptance of cryptocurrencies, spurring further innovation and development in the blockchain and digital asset space.
bitcoin price
Bitcoin is currently trading in the range of $27,200 to $27,823. Technical indicators such as the RSI and MACD suggest a sell bias, but also point to a potential upside move in bitcoin price.
If bitcoin declines below $27,200, it could decline towards the next support at $26,665 or even further towards $26,000 or $25,600.
If demand for bitcoin increases, it could climb above the $27,800 resistance and potentially reach $28,260 or $28,820.
Top 15 Cryptocurrencies to Watch in 2023
Bitcoin’s recovery could take some time, prompting profit-seeking traders to explore other options. From emerging altcoins to pre-sale tokens, the market offers a diverse range of promising cryptocurrencies offering substantial profit potential.
In response to cryptonews The Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each with strong short-term and long-term prospects.
This list is constantly updated to include new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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