British bank Standard Chartered (STAN) is forecasting that the price of Bitcoin (BTC) could reach $100,000 U.S. by the end of 2024.
Analysts at Standard Chartered declared that the “crypto winter” that had negatively impacted cryptocurrency markets around the world is now over.
Furthermore, Standard Chartered said that Bitcoin’s price is likely to benefit from recent turmoil in the traditional banking sector, a stabilization of risk assets as the U.S. Federal Reserve ends its interest rate hikes, and improved profitability from cryptocurrency mining.
Bitcoin has rallied 65% this year, rising above $30,000 U.S. in April for the first time in 10 months.
The gains this year represent a partial recovery after trillions of dollars were wiped from the cryptocurrency sector in 2022 as central banks raised interest rates and several crypto firms failed.
Bitcoin ended 2022 down about 65% at $16,500 U.S. per digital token.
