- The impressive price increase of Bitcoin
has given many analysts the opportunity to speculate on whether the upward trend will continue in the near future.
- Another factor that could play a role is the halving event for Bitcoin. Kendrick assumed that the asset’s valuation could peak within 12-18 months after the event.
- Over the years, many prominent figures have predicted that Bitcoin will eventually reach the $100,000 milestone.
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Following the remarkable price increase in Bitcoin, a financial services giant has revealed its predictions for how Bitcoin will perform next year.
Bitcoin Price Could Reach $100,000 Next Year
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The impressive price increase of Bitcoin has given many analysts the opportunity to speculate on whether the upward trend will continue in the near future. One of those who share this thesis is Geoff Kendrick, the Head of FX Research at Standard Chartered. According to him, there are three significant factors that could lead to a price surge toward the desired $100,000 level next year. Firstly, the potential rising dominance of Bitcoin against alternative currencies:
“As we move forward, we expect a rising BTC dominance in the field to be a more significant upward driver for BTC price than the continued rise in the overall market value of digital assets.”
Another factor that could play a role is the halving event for Bitcoin (scheduled for April 2024). Kendrick assumed that the asset’s valuation could peak within 12-18 months after the event. Lastly, he believes that the first spot BTC ETF in the United States will be launched soon and that this could initiate a bull run for the asset:
“We are now expecting more price increase before the halving than we previously anticipated, especially through the introduction of U.S. spot ETFs earlier than expected. This indicates the risk of reaching $100,000 by the end of 2024.”
Those who believe BTC could reach $100,000
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Over the years, many well-known figures have predicted that Bitcoin will eventually reach the $100,000 milestone. For example, American investor, motivational speaker, and author of “Rich Dad Poor Dad” Robert Kiyosaki is an example. According to him, 2024 will be destructive for the U.S. dollar, potentially causing a price surge for BTC up to $120,000. British cryptographer and CEO of Blockstream Adam Back has also put forth a bullish prediction, suggesting that the asset will reach $100,000 before the halving.