Is the Crypto Bear Market Over? These experts think so.
Bitcoin is finally ready to take off, according to a leading expert at Standard Chartered who forecasts that the digital currency could hit $100,000 by the end of 2024.
Geoff Kendrick, who leads the bank’s digital assets research team, pointed to several reasons why Bitcoin could soar in the coming years, such as the recent turmoil in the banking industry, the increased profitability of crypto mining, and the easing of risk assets due to the US Federal Reserve’s pause in raising interest rates.
In his report, titled “Bitcoin — Pathway to the USD 100,000 level,” Kendrick claims that the long and harsh “crypto winter” is over, and Bitcoin is poised to reach new records.
While he acknowledges that there are still challenges and uncertainties ahead, Kendrick argues that the road to the $100,000 level is becoming more visible.
Other investors share Kendrick’s optimism about Bitcoin’s future, with Robert Kiyosaki, the author of the bestselling book Rich Dad, Poor Dad, recently saying that BTC will surpass $100K.
Markus Thielen, the chief researcher at Matrixport, has projected that Bitcoin will reach around $65,623 by April 2024, while Bitcoin enthusiast Tim Draper has told Yahoo! Finance that Bitcoin will likely skyrocket to $250,000 within a year.
While many analysts have made bold predictions about Bitcoin’s value during its previous rallies, most crypto enthusiasts believe that the upcoming “Bitcoin halving,” which reduces the rewards given to Bitcoin miners by half, could be a catalyst for another massive spike in the coin’s price.
Despite the recent volatility in the cryptocurrency sector, with the industry losing trillions of dollars in 2022 following central banks’ rate hikes and high-profile collapses of crypto companies, Bitcoin’s outlook seems more positive than ever.
However, as always, investors should be cautious and do their due diligence before making investment decisions.
Disclaimer
This does not represent investment advice.
Do your own research.
Invest at your own risk.
