After the price of Bitcoin rose past $30,000, the biggest question among investors has been the current situation of the market. Do we assume that the crypto winter is over and the bull market has begun like Standard Chartered Bank, or it’s just a fakeout? I would like to go with the bullish theory. They have also given a price prediction for Bitcoin, saying that it will reach $100k next year. It is a pretty plausible scenario where Bitcoin almost quadruples as the next halving comes near.
Standard Chartered Bank on the current market
The bank says that one of the main reasons for their belief in the bull market is the recent crisis that the US banking sector has faced. And still, their prediction for Bitcoin’s price is quite conservative as there is still 1 year and 8 months for Bitcoin to hit $100k as per the bank. The head of digital assets research at the bank, Geoff Kendrick, explained the factors that are going to benefit Bitcoin.
Again one of the most important points there was the banking crisis triggered by the bankruptcy of Silicon Valley Bank and Signature Bank. Apart from this, there is also the destabilization of the dollar and the fact that reserves held in USD have dropped by 50%. Some technical factors, like the stopping of the interest rate hikes and increased profitability of miners, were also pointed out by Geoff.
This doesn’t mean that there is no uncertainty in the market, but yes, the road to reaching that magical number of $100,000 is coming closer. Finally, the laser eyes will be redeemed. If you are a Bitcoin enthusiast and are active on Twitter, you will know what I mean.
Others on Bitcoin
The bank is not the only institution that has been bullish about the price of Bitcoin. In fact, the CEO of Vaneck firm believes that this could be the beginning of a super cycle for Bitcoin and that we might already be at the start of it. The famous author Robert Kiyosaki has also shown his belief in the price of Bitcoin, saying that it will only go up from here on.
Even though the price of Bitcoin has traced below $30,000 and is currently sitting near $27,500, the market stays positive. It is expected to be a short correction after a positive rally. However, it is critical for the $27,000-$27,500 level to hold, or the bears might take over.
Standard Chartered Bank & crypto
Standard Chartered Bank has been actively involved in cryptocurrency and blockchain technology, exploring blockchain-based solutions for trade finance, supply chain management, and cross-border payments. The bank has been researching and analyzing cryptocurrencies and their potential impact on the financial industry.
Additionally, they have reportedly been considering offering cryptocurrency custody services to institutional investors, aiming to provide a trusted and regulated solution for clients seeking exposure to digital assets. As a leading global bank, Standard Chartered recognizes the potential of cryptocurrencies and blockchain as transformative technologies in the financial sector.
It is important to consider that there are a lot of uncertainties in the market, so do not just march in to invest all your money based on the bank’s report. Do your own analysis and come to a conclusion. It is also critical that you do not put in more money than what you can afford to lose.
What are your thoughts as Standard Chartered Bank says crypto winter is over? And do you agree with them or think that the current jump was just a fakeout? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Robert Kiyosaki is bullish on Bitcoin, and expects the price to keep rising.
