Normal Chartered analyst expects bitcoin to hit $100,000 in 2024.
Geoff Kendrick defined his bitcoin worth 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 Normal Chartered analyst, could be a chance to purchase.
Bitcoin might 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 worth prediction relies totally on the latest financial institution failures. In a analysis notice, the analyst stated at the moment:
Present 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 Financial institution on March tenth does appear to assist his thesis. On high of that, the overall provide of BTC is scheduled to halve subsequent yr that’s historically delivered a lift to its worth.
Different causes for his bitcoin worth prediction
Kendrick expects bitcoin to considerably outperform additionally as a result of the U.S. Federal Reserve now appears more likely to slam the breaks on lifting charges.
One other optimistic 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 more likely to promote many cash.
Given these benefits, we expect bitcoin’s share of complete digital belongings market cap might transfer into the 50% to 60% vary within the subsequent few months (from round 45% at the moment).
His $100,000 bitcoin worth prediction is in step with what a Gemini government additionally forecast final month.
The publish Bitcoin worth prediction for 2024: is $100,000 nonetheless on the playing cards? appeared first on CoinJournal.
