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- Standard Chartered analyst expects bitcoin to hit $100,000 in 2024.
- Geoff Kendrick defined his bitcoin price prediction in a analysis notice.
- Bitcoin is at the moment down over 10% versus its excessive earlier this month.
Bitcoin has misplaced greater than 10% in latest days however that, as per a Standard Chartered analyst, could be a chance to purchase.
Bitcoin may greater than triple from right here
Geoff Kendrick stays satisfied that the world’s largest cryptocurrency will greater than triple to $100,000 in 2024.
His bitcoin price prediction is primarily based primarily on the latest financial institution failures. In a analysis notice, the analyst mentioned at this time:
Current stress in conventional banking sector is extremely conducive to BTC outperformance – and validates the unique 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 appear to assist his thesis. On prime of that, the whole provide of BTC is scheduled to halve subsequent yr that’s historically delivered a lift to its price.
Other causes for his bitcoin price prediction
Kendrick expects bitcoin to considerably outperform additionally as a result of the U.S. Federal Reserve now appears prone to slam the breaks on lifting charges.
Another constructive catalyst he cited are the bitcoin miners. The latest surge in BTC, the analyst famous, has served to enhance their profitability thereby making them much less prone to promote many cash.
Given these benefits, we expect bitcoin’s share of whole digital property market cap may transfer into the 50% to 60% vary in the subsequent few months (from round 45% at the moment).
His $100,000 bitcoin price prediction is consistent with what a Gemini government additionally forecast final month.
The publish Bitcoin price prediction for 2024: is $100,000 still on the cards? appeared first on CoinJournal.
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