Bitcoin could hit $100,000 by the end of 2024 - Standard Chartered - Surprised?

[avikz]

We have read many similar predictions by many market analysts and so-called Bitcoin enthusiasts about the bright future of Bitcoin. This is not surprising and this post is not a speculation post. What is surprising is that such kind of optimistic predictions is coming from one of the banking majors. The current banking turmoil has helped Bitcoin to win the trust of the people.

Read here: https://www.reuters.com/technology/bitcoin-could-hit-100000-by-end-2024-standard-chartered-says-2023-04-24/

Not all battles are fought on the battleground. Some are fought silently and patiently and time decides the winner. We are surely on the winning path!

Thoughts?

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[Plaguedeath]

Not surprised because the rumor of Bitcoin will reach $100K is nothing new and Standard Chartered bank headquartered is operated in London, so it's a part of United Kingdom where they're friendly with Bitcoin.

UK have their own centralized exchange e.g. CEX.io and the business in UK can accept Bitcoin payment, even though Bitcoin isn't a legal tender on their regions. It's not like in other regions where business aren't allowed to accept Bitcoin payment.

Is Bitcoin legal in the United Kingdom?
No specific regulations govern trading and investment in Bitcoin. However, United Kingdom residents can transact using Bitcoin.

Unlike El Salvador, which considers Bitcoin (BTC) to be a legal tender, cryptocurrencies are not treated as currency in the United Kingdom. Instead, HM Revenue & Customs (HMRC) categorized cryptocurrencies as digital or crypto assets, which may be liable to capital gains tax or income tax, depending on the circumstances.

One can trade BTC via cryptocurrency exchanges such as U.K.-based CEX.io or globally based Coinbase or Binance or through brokers like eToro. However, to register a cryptocurrency exchange in the U.K., the financial conduct authority (FCA) requires the business to establish a legal entity, get a registered office address, open a business bank account and register for taxation. After this, they will need to obtain a crypto exchange license by filling out an application form accessible on the FCA’s website and paying a registration fee.

So, can U.K.-based businesses accept Bitcoin? Yes, businesses can accept Bitcoin payments in the U.K. directly or indirectly via gift cards. However, it depends upon the customer base if they want to pay in crypto or fiat currencies.

[Ozero]

The global economy is now going through difficult times, and it is not yet +clear when they will end, and therefore, against this background, the cryptocurrency has good opportunities for rapid growth. So far, it’s even a little strange that the crypto-winter has dragged on for so long. If the price of bitcoin recently rose to 68 thousand dollars, then with the next wave of growth it is quite possible that it will reach one hundred thousand dollars. It's only a matter of time. At the same time, the probability and possibility of growth does not mean that it will happen in some named time frame.

[mk4]

They keyword here is: could

bitcoin could hit $100,000
bitcoin could hit $10,000
bitcoin could hit $1,000,000
bitcoin could hit $100

Could just means that there's a (albeit non-zero) possibility — not necessarily that it will happen.

[Lorence.xD]

They keyword here is: could

bitcoin could hit $100,000
bitcoin could hit $10,000
bitcoin could hit $1,000,000
bitcoin could hit $100

Could just means that there's a (albeit non-zero) possibility — not necessarily that it will happen.

Exactly, there's still no guarantee that Bitcoin "could" reach that certain amount. Predictions is free but sometimes people like newbie took it seriously that they invest a lot not knowing that's not so sure. Just do your own research and own analysis for you to have proper decisions in your calls.

[serveria.com]

We have read many similar predictions by many market analysts and so-called Bitcoin enthusiasts about the bright future of Bitcoin. This is not surprising and this post is not a speculation post. What is surprising is that such kind of optimistic predictions is coming from one of the banking majors. The current banking turmoil has helped Bitcoin to win the trust of the people.

Read here: https://www.reuters.com/technology/bitcoin-could-hit-100000-by-end-2024-standard-chartered-says-2023-04-24/

Not all battles are fought on the battleground. Some are fought silently and patiently and time decides the winner. We are surely on the winning path!

Thoughts?

It's a very conservative forecast. Current ATH is around $70k and we'll likely reach (and exceed) it next year. If we take a look back at previous cycles, ATH had been broken in the third year of the cycle. Last time we went from ~$20k to ~$70k so something like x3.5 increase. At the same time, many bitcoiners agree that the previous ATH was ruined by some political and economic events and growth was stopped prematurely, so we can as well exceed x3.5 and shoot to like x5-x6, so $70k x 5 = $350k. So there's a good chance at least $200k will be reached next year. For sure, these are just speculations...

[crwth]

I found it amazing that major banking is also hyping Bitcoin and seeing that prediction makes me feel like I'm doing the right decision to obtain more and more of BTC. I hope that everyone would be able to go along and see the real value of BTC and increase the chances of reaching it earlier.

I'm curious as to "What changed?" or Why do the major banks predict this kind of thing?

[mk4]

I found it amazing that major banking is also hyping Bitcoin and seeing that prediction makes me feel like I'm doing the right decision to obtain more and more of BTC. I hope that everyone would be able to go along and see the real value of BTC and increase the chances of reaching it earlier.

I'm curious as to "What changed?" or Why do the major banks predict this kind of thing?

Nothing. Nothing changed. People from certain banks or any financial service (or just people with some influence in general) just likes to flip flop their opinions on Bitcoin/crypto depending on their agenda or just because they want their names to appear on news sites.

[bitterguy28]

Not all battles are fought on the battleground. Some are fought silently and patiently and time decides the winner. We are surely on the winning path!

Thoughts?

Bitcoin revolution happens in silence mate and indeed you are correct , it may take long time but
in the end we will be in the winning line.
how much we can keep and how long we can wait? that is the only thing we need to answer and happen.
100k in 2024?or even in 2025?
not just to wait till 2030 before this happen because that is far from the cycle.

[Lucius]

What is surprising is that such kind of optimistic predictions is coming from one of the banking majors. The current banking turmoil has helped Bitcoin to win the trust of the people.

That bank means nothing to me, and I believe that 99% of the users of this forum have never heard of it - so I wonder who even cares what banks think, no matter what they are called? As for the trust you are talking about, it is far from the fact that it happened and it cannot happen overnight as some think, because trust is built over decades. This is the reason why 98% of people still trust banks more than Bitcoin.

Not all battles are fought on the battleground. Some are fought silently and patiently and time decides the winner. We are surely on the winning path!

That makes more sense, but all those who live in some kind of belief that Bitcoin should (or can) beat the banks are not thinking rationally at all. Banks are the most powerful institutions in the world and if they really want to, they can do terrible damage to Bitcoin, because most people still use those same banks to buy/sell Bitcoin, regardless of whether it's CEX or DEX.

[Cryptomiles1]

They keyword here is: could

bitcoin could hit $100,000
bitcoin could hit $10,000
bitcoin could hit $1,000,000
bitcoin could hit $100

Could just means that there's a (albeit non-zero) possibility — not necessarily that it will happen.

All these statement here are "possibility statement" which are not "True" and even if is true how certain are they by saying " ". Hence is a "biconditional statement" where the predictor or speculator are not yet fully convinced it will happen how they said but are still having thought or thinking it could be but not sure (false), it can only be true with the two results are said to be "T" (outcome).
As an investors I think they are only trying to be optimistic about the future of bitcoin.

[LFC_Bitcoin]

$100,000 really isn’t that far fetched by the end of 2024. The halving is earlier in 2024 and we all know what happens a short while after that. Standard Chartered are a huge organisation, more and more big banks/corps are starting to open their eyes to the possibility that bitcoin will have a part to play in the future of finance. It totally makes sense for them to be open minded.

$100,000 is’t even a x 2 on the previous cycle high so it is very likely, if not in 2024 then definitely by the end of 2025.

[Nrcewker]

Listen the only major factor that can affect the price of the Bitcoin is “demand”. The demand to acquire Bitcoins can only lead to high price of these Bitcoins. Bitcoins are limited in number that is, no more Bitcoins can be created or destroyed, hence the coins are very rare and valuable. So if the demand to accumulate these coins increases, due to the fixed amount of supply, the price will automatically go up. So 100k is surely possible before the end of 2024, I am predicting that Bitcoins will break ATH and will settle in 80k usd by the end of this year.

[OgNasty]

I don’t think we’re going to hit $100K this year. There are a lot of BTC hitting the market this year and then the halfining is next year. I think it’s much more likely that the market zooms passed $100K sometime after the halfining. Maybe the end of next year. I don’t think it will stop at $100K though. 2025 will likely bring us fireworks as the price goes beyond anyone’s rational predictions.

[coolcoinz]

Not surprised because the rumor of Bitcoin will reach $100K is nothing new and Standard Chartered bank headquartered is operated in London, so it's a part of United Kingdom where they're friendly with Bitcoin.

That said, the bank isn't a holder of bitcoin, so it can be called an impartial analysis, unlike the ones made by well known bitcoiners like Max Keiser, or bitcoin analysts like PlanB.
These predictions made by banks are taken more seriously by people from outside the bitcoin ecosystem and we could use some billionaires to become interested in this. I'm not saying they have to buy right now, but bitcoin isn't as popular as it could be because many people think it to be too complex and time consuming to learn, so they stick with what they know.

SC prediction is based on the last cycle and you can see it by the way they take into account a possibility of a sudden crash to 5k, which is based on analysing the 2019-2020 data model where we had this sudden drop to 3k. Black swan events like the covid crash aren't something that repeats periodically, so I wouldn't count on it.

[famososMuertos]

I think There is a tendency to use the adjective of "6 figures" is more viable to the reality of hit the 100k  .

The long term is without a doubt the best ally of bitcoin always, so setting 2024 as the goal of the mythical "6 figures" having the Halving behind a few months after it happened is undoubtedly a good sign.  At least to get the base that you mention $100,000.

He created that 2025 is the year in which we will have the final destination to exceed the mythical figure of 6 figures.

[Captain Corporate]

The best thing to do in this case is to just hope that they are right but have a backup plan in case they are wrong as well. I agree that it looks likely and its not really a shocker, but I feel like 2025 would be a lot better as well and shouldn't really be an unexpected price at that point neither. Obviously its not going to be simple, like we are not going to end up waking up one morning and it will be 100k or something like that. I think it is going to be a big bull run for that to happen and in order for that to happen it will take months of increases and small decreases in there as well and that's the issue. I feel like we are going to end up with something that is much bigger for a while, but that's not going to happen right away, it will take a while and should be alright in the end, whenever it happens.

[hatshepsut93]

What is surprising is that such kind of optimistic predictions is coming from one of the banking majors.

To me it's not surprising, there has always been bullish bankers, and not only bankers but economists, millionaires, big investors and so on. Bitcoin is not the enemy of banks, people are not abandoning banks for Bitcoin, those who use Bitcoin also keep using banks. Banks can even benefit from it by offering Bitcoin-related services, like custody or convertation.

$100k is around 50% higher than the peak of the last bull market, that would be a very modest result, considering that the previous cycle had the peak price grow by 3.5 times.

[AmoreJaz]

What is surprising is that such kind of optimistic predictions is coming from one of the banking majors.

To me it's not surprising, there has always been bullish bankers, and not only bankers but economists, millionaires, big investors and so on. Bitcoin is not the enemy of banks, people are not abandoning banks for Bitcoin, those who use Bitcoin also keep using banks. Banks can even benefit from it by offering Bitcoin-related services, like custody or convertation.

$100k is around 50% higher than the peak of the last bull market, that would be a very modest result, considering that the previous cycle had the peak price grow by 3.5 times.

or maybe, some bankers are bullish because they are into this market, and they quite understand the potential of this market. they are also seeing positive as the adoption alone can give them hints where this market is heading to.
at any rate, anyone can speculate about the future of btc, but not everyone is doing their action to hold this coin for long-term purposes. so for me, it doesn't matter whether it will reach a new ATH or not, it is how the people are reacting on the current market to be prepared for what's imminent.

[GigaBit]

Global conditions have prolonged Bitcoin's bearishness but gradually that situation has normalized. Investors' confidence has started to return again which has led to a major shift in market dynamics. Although no bullish movement was seen in the market, almost everyone knows that the market will be bullish in the future. While some predict 1 million about Bitcoin, there is a very reasonable prediction of $100k target which is very likely to happen. When someone high ranked officials in the financial sector is able to make such a prediction, it assure that it will happen. Moreover, Bitcoin started to become bullish a few days ago when there was a crisis of confidence in the US banking sector. As a result, it can be safely assumed that people's confidence in Bitcoin will continue to increase in the coming days and may reach new all-time high shortly.