Optimistic predictions about BTC continue to come. Standard Chartered set a target price of $100,000. Here are the details;
Bitcoin (BTC), which has upset its investors with its poor performance in recent days, continues to attract attention with positive predictions despite a sharp decline. UK-based bank Standard Chartered made statements that will make crypto investors happy.
Standard Chartered announced that BTC could rise to 100 thousand dollars by the end of 2024. Geolf Kendrick, head of research in the digital asset division, said in a note that sources of uncertainty remain, but they see BTC's path to the $100,000 level becoming clearer.
Drawing attention to bankruptcies and crises in the banking sector, Kendrick said that the United States Central Bank (FED) could end the interest rate increase cycle, so risky assets could stabilize. He also stated that reasons such as increasing profitability in crypto mining will also support the upward movement.
In the past years, striking predictions have been made for many cryptocurrencies, especially Bitcoin. For example, a Citi analyst stated that the flagship cryptocurrency BTC could rise up to 318 thousand dollars by the end of 2022. Unfortunately, dozens of similar expectations did not come true.
BTC, which made a good start to 2023, rose to 30 thousand dollars in April for the first time after a 10-month period. BTC declined as the FED continued to increase interest rates and negative developments such as bankruptcy of companies in the crypto sector occurred.
The most important reason for the horizontal movement was the FED's statements that it would continue to increase interest rates. Authorities often emphasize that necessary increases will be made to reach the 2 percent inflation target.
Recently, analyst Olowoporkoku Adeniyi said that BTC may retreat towards the $25,000 support level in the coming days. The analyst noted that this scenario was triggered by the break of short-term support at $28,800.
