- Standard Chartered analyst believes that Bitcoin could triple in value.
- Geoff Kendrick explained why he is so optimistic about BTC in a research note.
- Bitcoin is currently down more than 10% from its peak earlier this month.
Bitcoin has dropped in price over the last few days, but a Standard Chartered analyst believes it could represent an ideal buying opportunity.
Could Bitcoin Triple in Value?
Geoff Kendrick believes that the world’s most popular cryptocurrency could well rise to $100,000 in 2024. In a research note, Kendrick expressed his strong optimism for the future of Bitcoin.
He based his prediction on the recent bank failures, saying:
The current turmoil in traditional banking has been highly beneficial for BTC – and this validates the original concept of Bitcoin as a trustless, decentralized, and scarce digital asset.
The surge in Bitcoin’s value following the collapse of Silicon Valley Bank on March 10th appears to support his theory. Additionally, the total supply of Bitcoin is set to halve in the coming year, which is often seen as a positive catalyst for its price.
Further Reasons for His Optimism
Kendrick is also optimistic due to the US Federal Reserve’s recent decision to put the brakes on interest rate hikes. He also believes that the recent increase in BTC’s price has been beneficial for Bitcoin miners, as it has improved their overall profitability and reduced their incentive to sell.
We think that Bitcoin’s market capitalization may reach 50-60% of the entire cryptocurrency market in the upcoming months (from around 45% at the moment).
Kendrick’s $100,000 price prediction for Bitcoin is in line with that of a Gemini executive from last month.
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