Bitcoin Price May Hit $100K by Year End, Standard Chartered Bank Says A

report from the firm noted that the crypto winter is finally over and bitcoin halving is set to be a positive catalyst for the price.

Crypto winter is finally over and bitcoin (BTC), the world's largest cryptocurrency, has the potential to reach $100,000 by year end, according to a research report by Standard Chartered Bank.

The climb to $100,000 could be driven by a number of factors, including the recent banking-sector crisis that helped to “reestablish bitcoin’s use as a decentralized scarce digital asset,” the bank said in the report on Monday.

“Against this backdrop, bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value and a means which it calls “Binance Sensei.”

The bot uses machine learning to source answers from Binance’s education platform, Binance Academy, to help answer user questions on various topics in the Web3 space.

This new “AI-powered mentor” has users prompt it with a specific question or keywords, from which the Sensei should provide a “concise, approximately 150word summary” for each user.

On Twitter, the Binance community has already begun to react to the news of the AI-driven coach, with users questioning allowing a “robot [to] be your teacher.” of remittance,” analyst Geoff Kendrick wrote. Bitcoin has gained 65% since the start of the year. It rose above $30,000 last week for the first time in almost a year. It was recently trading at $27,328, down 1.2% in the past 24 hours.

The report also noted one of the drivers for the price to reach

$100,00 is the broader macro backdrop for risky assets gradually improving as the Federal Reserve nears the end of its tightening cycle. “While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly,” Kendrick said.