Analysts predict bitcoin’s growth to $ 100,000 in 2024

Standard Chartered, an international bank based in the United Kingdom, predicts a significant increase in the value of bitcoin BTC $61,011.13 Bitcoin 0.41% Market capitalization $1.2 trillion VOL. 24 hours $0.88 billion . Experts expect the cryptocurrency to reach $ 100,000 by the end of 2024.

After observing the impressive revival of bitcoin throughout the year, the bank identifies the beginning of the «cryptocurrency spring».

Experts explain that the period of cryptocurrency market recovery has sparked optimism, prompting Standard Chartered to set an ambitious goal for the future valuation of bitcoin. Jeff Kendrick, head of crypto research at Standard Chartered Bank, confirmed the company’s bullish outlook.

The fresh analysis is a continuation of the bank’s April forecast for 2023. The previous study noted that a number of reasons that could contribute to the growth of bitcoin by more than $ 100,000 are «already in place and that the cryptocurrency winter has come to an end.» The report emphasizes that in March of this year, «there was a disruption in the financial system that contributed to the resurgence of bitcoin’s use as a decentralized scarce digital currency.»

Kendrick and the Standard team are optimistic that the US government’s approval of several spot bitcoin exchange-traded funds will be the next catalyst for cryptocurrency growth, and that these events will happen faster than originally anticipated.

«We believe that the first quarter of 2024 will see the approval of a number of spot exchange-traded funds for both bitcoin and ethereum. This will create the basis for institutional investment,» Standard Chartered said.

In addition, the financial giant highlighted another reason that could lead to price increases in the future: the upcoming bitcoin halving, which will limit the supply of the currency and is expected to take place at the end of April 2024.