Crypto Winter is over and Bitcoin is Poised to Reach $100,000 by Year End, According to Standard Chartered Bank

The crypto winter that started in late 2021 and lasted for nearly two years, is finally over according to a new research report by Standard Chartered Bank. The report suggests that Bitcoin (BTC), the world’s largest cryptocurrency, has the potential to reach $100,000 by the end of this year. The report cites several factors that could drive the price surge, including the recent banking sector crisis that helped to re-establish Bitcoin’s use as a decentralized scarce digital asset.

The report, which was released on Monday, highlights Bitcoin’s status as a branded safe haven, a perceived relative store of value, and a means of remittance. These features, coupled with its recent gains, have made Bitcoin a highly sought-after asset among investors.

Geoff Kendrick, an analyst at Standard Chartered, said that Bitcoin’s rise to $100,000 could be driven by broader macroeconomic factors, such as the Federal Reserve nearing the end of its tightening cycle. Kendrick also notes that Bitcoin’s upcoming halving, which occurs every four years, is poised to be a positive driver for the cryptocurrency.

Standard Chartered expects Bitcoin’s share of the entire crypto market capitalization to rise back to the 50-60% range. Currently, the Bitcoin dominance rate is around 47%, according to data from TradingView. However, the report suggests that this figure is likely to increase as Bitcoin’s value continues to rise.

Despite the positive outlook, some experts have warned that Bitcoin’s rapid rise could be a bubble waiting to burst. Others have suggested that the cryptocurrency market is still highly volatile, and investors should be cautious when investing in this space.

As recently reported by AZCoin News, Robert Kiyosaki, the renowned author of the best-selling personal finance book Rich Dad Poor Dad, has made a bullish prediction for Bitcoin’s price. Kiyosaki is forecasting that Bitcoin will soar to $100,000 in the foreseeable future, citing the likelihood of people gravitating towards digital assets instead of the US dollar. Kiyosaki’s prediction is based on the premise that the Federal Reserve will continue to raise interest rates in an effort to tackle inflation, leading to a shift in investor sentiment towards digital currencies.

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