Get ready for the big cryptocurrency boom! Standard Chartered predicts that Bitcoin will soar to $100,000 by 2024, signaling the start of a “crypto spring.” It’s time to jump on the digital currency bandwagon and ride the wave to financial success.
Bitcoin is on a roll, with the digital currency poised to surpass $100,000 by the end of 2024, according to Standard Chartered. In fact, the cryptocurrency has already more than doubled in value this year, and analysts are predicting it will experience an additional 160% gain.
What’s driving this incredible surge? For one, Bitcoin’s dominance of the digital asset space has increased, with its share of the market jumping to around 50%. This increase has added over $10,000 to its price and sparked broader interest in the crypto space.
Miners are also holding onto larger quantities of Bitcoin as its price rises, causing a drop in sales of mined Bitcoin to around 80%. Furthermore, the anticipation of the next Bitcoin halving event, which reduces the amount of tokens awarded for mining, is expected to diminish new supply.
Another positive catalyst is the rising likelihood of US spot ETFs getting approved for the market. These ETFs could bring fresh capital into Bitcoin, enabling traditional brokerage accounts to access the cryptocurrency.
Following the SEC’s setbacks in blocking spot ETFs, analysts are now expecting even more upside for Bitcoin, with a risk that the $100,000 level could be reached before the end of 2024.
In addition, falling Treasury yields are boosting Bitcoin, as the cryptocurrency tends to be a long-term trade. The 30-year yield has significantly dropped, providing further impetus for Bitcoin’s growth. Analysts at Bernstein have also joined in on the bullish sentiment, predicting that Bitcoin could reach $150,000 by mid-2025 for similar supply reasons.
This means that the future is looking bright for Bitcoin, and investors are eagerly anticipating the significant gains that could lie ahead.