Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its interest rate-hiking cycle and improved profitability of crypto mining, Standard Chartered's head of digital assets research Geoff Kendrick said in a note.
Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. Its gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked rates and a string of crypto firms imploded.
Predictions of sky-high valuations have been commonplace during bitcoin's past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.
Source: www.reuters.com
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