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Bitcoin could rise to $100k by 2024, says Standard Chartered, even as prices collapse

Brian McGleenon
Updated ·2-min read
Abstract Bitcoin logo by a glowing particle on technology dark background.
Since breaching $30,000 two weeks ago, bitcoin fell to $27,278 on Tuesday. Photo: Getty (Yuichiro Chino via Getty Images)

Standard Chartered (STAN.L) said that bitcoin could reach $100,000 (£80,257) by the end of 2024, even though crypto prices have collapsed after a multi-week rally.

Standard Chartered pointed to the collapse of Silicon Valley Bank and other mid-tier US lenders as promoting the case for bitcoin as a "decentralised, trustless and scarce digital asset".

The forecast comes as crypto prices crashed following over two weeks of gains.

Read more: Philip Hammond warns of 'real risk' to London financial services from EU crypto bill

Some 23,860 crypto-traders were liquidated in the past 24 hours, at a value of $80m, according to data from Coinglass. Most traders that were wiped out held leveraged long positions, speculating that the recent rally would continue.

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Bitcoin (BTC-USD) fell 7% to $27,278.

Standard Chartered's bitcoin forecast

In a note on Monday, Standard Chartered analyst Geoff Kendrick suggested that the crypto winter is about to thaw.

Kendrick said that for bitcoin, "while sources of uncertainty remain, we think the pathway to the $100,000 level is becoming clearer".

He forecasted a stabilisation of risk assets later in the year, as the US Federal Reserve ends its rate-hiking cycle.

Read more: Philip Hammond on CBDCs, stablecoins and crypto's place in global finance | The Crypto Mile

“The current stress in the traditional banking sector is highly conducive to BTC outperformance, and validates the original premise for bitcoin as a decentralised, trustless and scarce digital asset,” he said.

Standard Chartered (STAN.L) fell 1.38% on Tuesday to 623p in early trading in London.

Crypto Collapse

The bitcoin price is up 66% since the start of the year, reaching over $30,000 in April, marking the first time in 10 months.

Since breaching $30,000 two weeks ago, bitcoin fell to $27,278 on Tuesday.

Read more: Crypto live prices

The global cryptocurrency market cap stood at $1.2tn, down 0.8% according to Coingecko.

Ethereum (ETH-USD) lost all its gains since the blockchain network successfully implemented its Shanghai Upgrade, falling 12% to $1,820.

Watch: Philip Hammond warns of 'real risk' to London financial services from EU crypto bill | The Crypto Mile

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