Banking giant Standard Chartered has forecasted that Bitcoin (BTC) could climb to $100,000 by the end of the next year, adding that another crypto spring is finally here, Reuters reports.
Geoff Kendrick, the bank's head of digital assets research, attributes the potential rise to several factors, including recent upheavals in the banking sector, stabilization of risk assets after the conclusion of the U.S. Federal Reserve's rate-hiking cycle and increased profitability in cryptocurrency mining.
However, he admits that there is still some uncertainty surrounding the volatile cryptocurrency.
Bitcoin's price performance over the last seven days has shown significant fluctuations with a high of $30,601 on April 15 and a low of $27,400 on April 23.In December 2022, Standard Chartered predicted that Bitcoin could collapse to $5,000 as one of this year's biggest market surprises So far, their prediction has not materialized, and now the banking giant appears to be bullish on the flagship cryptocurrency.
Last year, the number one cryptocurrency plunged by 60% after a string of high-profile implosions in the industry. The most significant scandal was the downfall of cryptocurrency exchange FTX.
Now that Bitcoin seems to have recovered from the brutal crypto winter, other investors remain optimistic about Bitcoin's potential.
Venture capitalist Tim Draper, for example, remains confident that Bitcoin will be able to hit $250,000 this year.
Notably, Standard Chartered previously predicted in September 2021 that Bitcoin would double in value and hit $100,000 by early 2022, a target that remains out of reach for bulls.