By Elizabeth Howcroft
LONDON (Reuters) – The highest cryptocurrency bitcoin may hit $100,000 by the tip of 2024, Customary Chartered mentioned on Monday, saying the so-called “crypto winter” was over.
may gain advantage from components equivalent to current turmoil within the banking sector, a stabilization in dangerous property because the US Federal Reserve ends its price hike cycle, and improved profitability in crypto mining, Geoff Kendrick , head of digital asset analysis at Customary Chartered (OTC:) mentioned in a be aware.
“Whereas sources of uncertainty stay, we imagine the trail to the $100,000 degree is turning into clearer,” Kendrick wrote.
Bitcoin has rebounded to this point this yr, topping $30,000 in April for the primary time in ten months. These features signify a partial restoration after billions of {dollars} have been worn out of the crypto sector in 2022, as central banks raised rates of interest and a sequence of crypto companies imploded.
Predictions of exorbitant valuations have been commonplace throughout previous bitcoin 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 round 65% at $16,500.
