Standard Chartered Says Bitcoin Could Hit $100K By Year-End In Its ‘Shallowest’ 4-Year Cycle Ever Amid Rally To $72K

Bitcoin (BTC) breached $72,000 for the first time since June on Thursday morning, and according to Standard Chartered’s Kendrick Geoffrey, the apex cryptocurrency could be on track to hit $100,000 by the end of the year, marking its “shallowest” four-year cycle to date.

Bitcoin’s price gained nearly 12% in the last 24 hours to hit an intra-day high of over $72,400 before paring gains to around $72,100, according to CoinGecko. It was the top trending ticker on Stocktwits at the time of writing.

Retail sentiment around the apex cryptocurrency improved to ‘extremely bullish’ from ‘neutral’ territory over the past day, and chatter rose to ‘high’ from ‘normal’ levels.

Standard Chartered Sees $100,000 Bitcoin By Year-End

Kendrick said Bitcoin's recent drawdown may have already established a floor for the current cycle. The cryptocurrency's latest decline saw a peak-to-trough drawdown of about 54%, according to Standard Chartered, making it the “shallowest” four-year cycle so far. Previous Bitcoin cycles have typically been marked by substantially deeper declines.

“With the 12-month mark beyond the all-time high approaching, four-year cycle theorists will also agree that the low is in,” Kendrick wrote in an email to clients.