“Bitcoin could rise to $100,000 by the end of 2024,” Standard Chartered Bank analysis

Factors behind the rise of Bitcoin

Financial major Standard Chartered Bank has indicated that the price of cryptocurrency Bitcoin (BTC) could rise to a level of $100,000 (approximately ¥13.4 million) by the end of 2024. rice field.

The content of this time was reported on the 24th by overseas media who obtained a notebook with the price forecast of the bank. In a note, citing multiple reasons, the bank said the crypto winter is over. The price of Bitcoin at the time of writing this article is $27,450 (about 3.68 million yen) (see Coinbase).

Below is a graph of a note posted by the virtual currency media “The Block”. It shows that the price of Bitcoin rises as each factor overlaps.

Notes

The bank first argued that financial turmoil in the banking industry in the United States and Europe boosted the value of Bitcoin. As a digital asset that is decentralized, trustless, and has a limited supply, we see bitcoin reestablishing its “core use case.”

Other factors, in turn, that are pushing up the price of Bitcoin are:

• Bitcoin dominance rise (to 50-60%)
• Increased profit for miners
• Stabilization of risk assets as the end of US interest rate hikes approaches
• Half-life (scheduled for March 2024)
• Regulatory development, capital inflows from institutional investors, decrease in transaction volume

As for the last reason, he pointed out that the European regulation MiCA could have a positive impact on investor interest and volatility. The United States and the United Kingdom are expected to follow suit as they improve their regulations.

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bitcoin value

The Bitcoin price in 2023 started at the $16,000 (2.18 million yen) level. After that, financial instability spread due to the bankruptcy of Silicon Valley Bank in the United States, and part of the evacuation funds flowed into the market.

Standard Chartered Bank’s price forecast is expected to be realized due to a combination of various factors, but due to the altcoin securities problem and stablecoin credit uncertainty, the value of bitcoin is being re-recognized. The view that he was there had already been raised.

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