Standard Chartered analyst expects bitcoin to hit $100,000 in 2024. Geoff Kendrick explained his bitcoin price prediction in a research note. Bitcoin is currently down over 10% versus its high earlier this month.
Bitcoin has lost more than 10% in recent days but that, as per a Standard Chartered analyst, may just be an opportunity to buy.
Bitcoin could more than triple from here
Geoff Kendrick remains convinced that the world’s largest cryptocurrency will more than triple to $100,000 in 2024.
His bitcoin price prediction is based primarily on the recent bank failures. In a research note, the analyst said today:
Current stress in traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless, and scarce digital asset.
The explosive rally in bitcoin following the collapse of Silicon Valley Bank on March 10th does seem to support his thesis. On top of that, the total supply of BTC is scheduled to halve next year that’s traditionally delivered a boost to its price.
Other reasons for his bitcoin price prediction
Kendrick expects bitcoin to significantly outperform also because the U.S. Federal Reserve now seems likely to slam the breaks on lifting rates.
Another positive catalyst he cited are the bitcoin miners. The recent surge in BTC, the analyst noted, has served to improve their profitability thereby making them less likely to sell many coins.
Given these advantages, we think bitcoin’s share of total digital assets market cap could move into the 50% to 60% range in the next few months (from around 45% currently).
His $100,000 bitcoin price prediction is in line with what a Gemini executive also forecast last month.
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