Bitcoin price prediction for 2024: is $100,000 still on the cards?

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  • Standard Chartered analyst expects bitcoin to reach $100,000 in 2024.
  • Geoff Kendrick explains his bitcoin price prediction in a research note.
  • Bitcoin is currently down more than 10% since the beginning of the month.

Bitcoin It has lost more than 10% in recent days, but according to a Standard Chartered analyst, this could be a buying opportunity.

Bitcoin Could More Than Triple From Here

Geoff Kendrick is convinced that the world’s largest cryptocurrency will more than triple to $100,000 in 2024.

His bitcoin price forecast is mainly based on the recent bank failures. In a research note, the analyst said today:

The current stress in the traditional banking sector is highly favorable for BTC to outperform – and validates bitcoin’s fundamental premise as a decentralized, trustless and scarce digital asset.

Explosive rally in bitcoin after the collapse of Silicon Valley Bank on March 10th seems to support his thesis. On top of that, the total supply of BTC is about to halve next year which traditionally boosts its price.

Other Reasons for His Bitcoin Price Prediction

Kendrick expects bitcoin to perform even better because US Federal Reserve Now lifting rates are likely to brake.

Another positive catalyst he cited is bitcoin miners. The analyst added that the recent surge in BTC has served to improve his profitability making him less likely to sell many coins.

Given these advantages, we think that bitcoin’s share of total digital asset market cap could fall in the range of 50% to 60% in the next few months (from around 45% currently).

His $100,000 Bitcoin Price Prediction Is In Line With A Gemini Executive Forecast last month.

Post Bitcoin Price Prediction for 2024: Is $100,000 Still on the Cards? first appeared coinjournal,

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