Standard Chartered, an international banking company, has projected that Bitcoin would hit $100,000 by the end of 2024.
Many have predicted a huge growth in the value of Bitcoin over the years, but the crypto asset has also succeeded in hitting the $60,000 mark in recent times.
A Citi analyst projected last year that Bitcoin would hit $318,000 by the end of 2022.
But the most popular cryptocurrency ended the year with $16,500.
Another analyst has released a new projection with Standard Chartered’s head of digital assets research, Geoff Kendrick, predicting a $100,000 mark for Bitcoin next year.
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In a note released on Monday, Kendrick said: “While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer.”
He said the decision by central banks across the world to suspend the increase in interest rates and fear of a financial crisis in the global banking sector could drive Bitcoin’s value up.
Kendrick said the crypto winter which wiped off trillions of dollars from Bitcoin’s market valuation and the cryptocurrency market was over.
The crypto winter is a period when the cryptocurrency market suffers a sell-off as profit-takers cash in on the bullish run.
There are other factors that also cause crypto winter such as government policies.
Currently, Bitcoin is far from the $100,000 projection with the crypto now worth $27,462.05 at the time of filing this report, according to data from coindesk.