"Where do investors think the price of BTC will be by this year?"
Although the digital asset market is currently witnessing a decline, Standard Chartered Bank recently predicted that the price of cryptocurrency king Bitcoin (BTC) will surpass the $100,000 mark by the end of 2024.
Among several factors that can push the price of BTC to reach $100,000 is the crisis in the banking sector following the recent increase in the use of the digital asset, Standard Chartered Bank commented again.
According to analyst Geoff Kendrick, BTC, which is categorized as a safe-haven and store of value, managed to jump above $30,000 last week after hovering below that level for a long time.
He added that the Federal Reserve (Fed) which may reduce interest rate increases during the next Federal Open Market Committee (FOMC) meeting will be one of the reasons BTC has the potential to break through $100,000.
That streak, Standard Chartered Bank expects the market cap for BTC to rise again in the 50% to 60% range, where it currently sits at 40% after Silicon Valley Bank's (SVB) collapse in mid-March.
The price of the digital asset also has the potential to jump higher towards the end of this year when the BTC halving occurs, i.e. the reward for mining a new block is halved every four years.
Even so, the price during this period still slipped by 1.22% at the level of $27,505 in the last 24 hours with a market capital of $532 billion and recorded a loss of around 6.12% over the last week.
