Crypto Winter Finally OverBank Crisis Is Catalyst For Huge $2 Trillion Bitcoin Prediction As Ethereum Price Suddenly Rebounds

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Bitcoin, Ethereum and other cryptocurrencies have been given a boost by the banking crisis that suddenly swept across the US and Europe this year despite a dire warning that “crypto is dead in America”.

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The price of bitcoin fell back to $30,000 per bitcoin after swinging wildly this month. Ethereum price also rebounded after a sudden burst in institutional activity.

Now, after First Republic Bank raised fears that it would follow the collapse of Silicon Valley Bank and Signature BankSBNY, bitcoin’s case as a “decentralized, trustless, and rare digital asset” has been made. solidified, according to a senior Standard Chartered analyst, alongside a bitcoin price prediction. which could see it reach a market capitalization of $2 trillion.

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The price of bitcoin suddenly rose, surpassing $30,000 per bitcoin and helping the price of ethereum… [+] rally.

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“We believe that bitcoin has the potential to hit the $100,000 level by the end of 2024, as we believe the much-vaunted crypto winter is finally over,” wrote Geoff Kendrick, Chief Financial Officer. digital asset research at Standard Chartered, in a note.

Bitcoin, ethereum and smaller cryptocurrencies have been stuck in a brutal bear market sometimes referred to as crypto winter for the past 18 months, pushing many crypto companies to the brink and culminating in the collapse of the main FTX crypto exchange late last year.

Since then, the price of bitcoin has doubled, along with the price of ethereum, with the banking crisis now spreading to the Silicon Valley-based First Republic renewing interest in bitcoin, ethereum and the crypto.

“The current stress in the traditional banking sector is highly conducive to bitcoin’s outperformance and validates bitcoin’s original premise as a decentralized, trustless and scarce digital asset,” Kendrick wrote. “In this context, Bitcoin has benefited from its status as a branded safe haven, a store of perceived relative value, and a means of transferring funds.”

Kendrick also pointed to the upcoming bitcoin supply reduction, known as the “halving,” in April 2024 and growing expectations that the Federal Reserve may soon ease monetary policy tightening as bullish catalysts. .

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MORE FROM FORBESBitcoin and Crypto Now Bracing for ‘Parabolic’ Price Move as Institutional Interest in Ethereum ‘Explodes’By Billy Bambrough

The price of bitcoin has exploded this year, alongside the price of ethereum, fueling the hopes of the… [+] the so-called crypto winter might finally be over.

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However, some fear that Bitcoin and Ethereum are about to hit “resistance”.

“Leading indicators, technologies and breakthrough assets traded 24/7, Bitcoin and Ethereum may hit a wall of resistance at key levels of $30,000 and $2,000,” Mike McGlone wrote. , Bloomberg Intelligence’s senior macro strategist, in an email. note.

“Our bias is long-term bullish for top cryptos, but overwhelming stock market strength down with Fed tightening in a recession has the potential to lower the tide for all risk assets, and bitcoin and ethereum are among the most risky.”

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