Bitcoin’s bounce has paved the way for the type of six-figure price projections that peppered the pandemic-era crypto boom. The token’s ripening monthly streak puts history on the side of such bold optimists.
Bitcoin has changed narrative garb like a chameleon during the revival, drawing succor from bets on a Federal Reserve pivot to looser monetary policy, the perceived blow to fiat currency from the US banking crisis and a planned reduction in the supply of new tokens — a so-called halving — due next year.
In recent days, Standard Chartered Bank, BCA Research and Bloomberg Intelligence have all flagged possible paths to at least $100,000 for Bitcoin.
“The recent banking-sector crisis has helped to re-establish Bitcoin’s core use case as a decentralized, trustless and scarce digital asset,” Geoff Kendrick, head of crypto and EM FX West research at Standard Chartered, wrote in a note.
Bloomberg Intelligence’s Jamie Douglas Coutts said if 1% of global bond-market value moved toward Bitcoin, that would take the price to $185,000.
None of the analysts are saying such trajectories are inevitable but the fact they are being evaluated shows the changed mood compared with 2022, when digital assets crashed and the FTX exchange headlined a spate of blowups.
“Crypto markets have cycles, too, only these in the past have been driven mainly by crypto-specific factors,” wrote Noelle Acheson, author of the “Crypto Is Macro Now” newsletter. “Not any more – now the crypto market has multiple drivers, making the narratives more complex while opening up the market to new investing cohorts.”