According to Standard Chartered Bank research, multiple variables could assist Bitcoin reach $100,000 by the end of this year.
Standard Chartered plc is a British multinational bank that provides consumer, corporate, and institutional banking services as well as treasury services.
This company is headquartered in the United Kingdom and does not provide retail banking services; however, Asia, Africa, and the Middle East account for 90% of its revenue.
Standard Chartered Bank recently published a research report stating that Bitcoin is presently in a good position and that Bitcoin could reach $100,000 by the end of the year.
Research shows that Bitcoin is receiving backing from a number of factors in order to increase its trade price, one of which is the recent US banking crisis.
According to Bank of America analyst Geoff Kendrick, bitcoin has benefited from its status as a marked haven, considered a relative store of value, and a means of remittance.
According to the report, Bitcoin has already gained 65% since January 2023, with Bitcoin just trading at $30k+/BTC.
A study also currently shows that US Fed policies will undoubtedly result in a better outcome of investment push for risky assets, as well as a better push for Bitcoin trade price.
While Bitcoin can perform well when risky assets suffer, correlations to the Nasdaq suggest that it should perform better if risky assets improve broadly, according to the analyst.
The analyst suggests that while Bitcoin can perform well during times of market turbulence, its correlation to the Nasdaq indicates that it could perform even better in a broader market upswing.
According to the study, Bitcoin’s current dominance in the crypto sector, which is 44.18%, will increase to nearly 60%. According to the study, when Silicon Valley Bank failed, Bitcoin’s dominance was 40%, but it then increased by 7%.
Further research revealed that Bitcoin will be halved in 2024, which will undoubtedly increase investor interest in this digital asset.
The current Bitcoin trade price is $27,429, which is 0.93% lower than the previous 24 hour trade price.
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