Bitcoin will hit $100k by the end of this year: Standard Chartered Bank
Research by Standard Chartered Bank noted that several factors may help Bitcoin to hit $100,000 by the end of this year.
Standard Chartered plc is a British multinational bank with operations in consumer, corporate, and institutional banking, and treasury services. This is headquartered in the UK & doesn’t provide retail banking services but 90% of its revenue arrives from Asia, Africa, and the Middle East.
Recently Standard Chartered Bank published a research report and stated that Bitcoin is currently standing in a good position and Bitcoin can hit $100,000 by the end of this year.
According to this research, Bitcoin is getting support from several factors to get a better push in its trade price and one of the supportive factors is the recent US banking crisis.
Bank’s analyst Geoff Kendrick wrote:
“Against this backdrop, bitcoin has benefited from its status as a branded haven, a perceived relative store of value and a means of remittance”
The report noted that Bitcoin has already gained 65% since Jan 2023, as recently Bitcoin was trading at $30k+/BTC.
The study noted that current US Fed policies will surely result in a better outcome of investment push for risky assets and also with that Bitcoin trade price will also gain a better push.
“While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly,” the analyst wrote.
The research noted that current Bitcoin dominance, which is 44.18%, in the crypto sector will also surge & will be nearly 60%. The study noted that when Silicon Valley Bank collapsed then at that time Bitcoin dominance was 40% but after that, it rose by 7%.
Further research noted that Bitcoin halving is also coming in 2024 and surely that is a very big point to increase the attention of investors in this digital asset.
Bitcoin price
The current trade price of Bitcoin is $27,429 & this trade price is 0.93% down over the last 24 hours trade price.
Read also: US DOJ charges N Korea Bank official in Crypto laundering cases
