British multinational bank Standard Chartered is expressing bullish sentiment on Bitcoin (BTC), arguing that the crypto bear market has ended.
According to multiple reports, Standard Chartered analyst Geoff Kendrick said in a research note issued earlier this week that Bitcoin is destined to appreciate by over 250% from current levels to hit a new all-time high of $100,000.
[adinserter block="1"]According to Kendrick, Bitcoin could hit a new all-time high in under two years.
“We see potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024, as we believe the much-touted ‘crypto winter’ is finally over.”
Bitcoin is trading at $27,337 at time of writing.
The Standard Chartered analyst says that the banking crisis which saw the likes of Silicon Valley Bank collapse and other US regional banks record deposit runs is a plus for Bitcoin.
“The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralized, trustless and scarce digital asset.”
According to the reports, Kendrick said that the level of Bitcoin dominance is also set to increase significantly over the coming months.
“Given these advantages [decentralized, trustless and scarce], we think BTC’s share of total digital assets market cap could move into the 50-60% range in the next few months (from around 45% currently).”
According to the Standard Chartered analyst, another factor that is likely to benefit the price of Bitcoin is the likelihood that rate hikes are about to cease.
“The broader macro backdrop for risky assets is also gradually improving as the FOMC (Federal Open Market Committee) nears the end of its tightening cycle. While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly.”
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