Bitcoin could soar 268% to $100,000 as crypto winter is finally over, Standard Chartered says
The world's biggest digital currency by market cap could surge to $100,000 by the end of 2024, the bank said, representing a 268% increase from current levels.
At the same time, key rivals to bitcoin lost ground, especially stablecoins, some of which lost their peg to the US dollar. In fact, some of the assets that backed their value were held in SVB. Standard Chartered now sees bitcoin's share of the total crypto market cap rising to the 50%-60% range, up from 45% today and from 40% before the SVB collapse.
"This creates price upside, in our view. In addition, with energy prices likely having peaked, the structural profitability backdrop for miners should improve, adding further upside," he wrote.of its tightening cycle, Kendrick said, noting that its correlation with the Nasdaq suggests the crypto should trade better if risk-on assets improve broadly.
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