“Bitcoin Predicted to Reach $100,000 by 2024, end of ‘Crypto Winter’: Investing Head”

Investing.com – The world’s largest cryptocurrency, Bitcoin, could hit $100,000 by the end of 2024, signaling the end of the so-called “crypto winter,” according to Jeff Kendrick, head of digital assets.

the recent turmoil in the banking sector, the stabilization of risky assets due to the end of the US Federal Reserve’s interest rate hike cycle and the growth of profitability in the crypto-mining sphere will contribute.

This year, bitcoin rose to $30,000 in April for the first time in 10 months, but this is only a partial recovery so far after trillions of dollars were lost in the crypto sector in 2022 at the peak of rate hikes and the bankruptcy of a number of crypto firms.

A Citi analyst said in November 2020 that bitcoin could rise to $318,000 by the end of 2022, but it fell about 65% to $16,500 last year.

Standard Chartered said Bitcoin has capitalized on its status as a “branded safe haven” for savings and a money transfer tool.

Further support is promised by the adoption by the European Parliament of the first set of EU rules for regulating crypto-asset markets. And according to JPMorgan (NYSE: JPM), a technical change to the bitcoin blockchain in April 2024, otherwise known as the “halving”, could increase its price.

– Materials from Reuters were used in the preparation

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