• Standard Chartered predicts that Bitcoin could reach $100,000 by the end of 2024.
• Factors such as the end of the “crypto winter” and increased demand for alternative assets are expected to drive up Bitcoin’s value.
• Bitcoin’s market share is projected to rise to the 50-60% range, solidifying its position as the leading cryptocurrency.
Crypto Winter Ends – Standard Chartered Predicts BTC Could Reach $100K by 2024
Standard Chartered recently published a paper titled “Bitcoin – Pathway to the $100,000 Level” wherein they suggested that Bitcoin could reach $100,000 by the end of 2024. The recent failure of Silicon Valley Bank and other mid-tier US institutions has been seen as a favorable development for Bitcoin due to its inherent characteristics such as decentralization, trustlessness, and scarcity. This means that Bitcoin’s share of total digital asset market cap could rise to 50-60% in coming months from around 45% now.
Why is this optimistic outlook important?
The optimism around Bitcoin stemming from Standard Chartered’s prediction has led many potential investors to wonder if now is the right time for them to buy into it and capitalize on its anticipated growth. Proponents of Bitcoin believe that it can be used as an effective hedge against economic uncertainty because there will only ever be 21 million Bitcoins in circulation. With more demand coming in for alternative assets due to inflation concerns, this would further drive up the value of BTC according to their hypothesis.
What could be the impact on BTC?
The factors discussed above have significant potential implications for Bitcoin’s future price action. If these developments indeed push BTC’s market share up into 50-60%, then its value should appreciate correspondingly which would solidify its position as one of the top digital currencies today. This would make investing in Bitcoin even more attractive than before since it is deemed safer than traditional banking systems during times like these when markets are volatile and uncertain.
Is Now The Right Time To Buy?
Given all these developments surrounding bitcoin and its bullish forecast, many people are asking whether now is a good time for them to invest in it or not? While there may be some short term volatility present depending on various macroeconomic conditions which cannot be predicted with certainty, long term prospects are definitely looking positive given what we know so far about how things will pan out over time with regards to adoption and demand for cryptocurrencies like bitcoin worldwide.
Conclusion
In conclusion, while no one can accurately predict what will happen with prices in any market – let alone those dealing with cryptocurrencies – there are currently plenty of reasons why buying bitcoin might seem like a good idea at this point in time given all favourable developments taking place both inside and outside crypto space lately!