Bitcoin (BTC-USD) has been the subject of a lot of speculation over the years. Some of it has been warranted; what other asset class has seen prices go from 5,000 coins for a Papa John’s pizza to $68,789 for one coin? Now, some analysts are coming out and revealing that the already-outrageous prices seen for Bitcoin may not stop here. In fact, a six-figure Bitcoin could be just around the corner.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The word from Standard Chartered suggests that “crypto winter” has finally defrosted, and new potential gains could be in the offing. Bitcoin is up 64% just since 2023 began and recently broke the $27,000 mark once more. And now, with banks still staggering from the recent troubles at Silicon Valley Bank, among others, Bitcoin could once again shine through as a potential port in the storm. That’s thanks in large part to its limited nature, its overall scarcity, and its decentralized nature.
Standard Chartered isn’t alone in its assessment. Capriole CEO Charles Edwards notes that 2023’s Bitcoin action so far has been a “bump and run reversal” that leaves the potential open for a run to $100K and beyond. Robert Kyosaki of “Rich Dad Poor Dad” fame also looks for a $100K Bitcoin, noting that it’s “the people’s money” that requires no bailouts.
A look at the last year in Bitcoin trading shows us just how volatile this cryptocurrency can be, and it’s one of the most stable of the lot. It started May 2022 up around $40,000 but began a multi-month slump all the way to a crypto winter and a $16,000 price tag. Now, it’s starting a recovery and challenging $30,000 once more.
