• Analysts at Bank of East Asia estimate that Bitcoin is expected to exceed $100000 in 2024.
• Jeffrey Kendrick elaborated on its Bitcoin price forecast in a survey report.
• Bitcoin is currently down more than 10% from its peak earlier this month.

Bitcoin has recently fallen by over 10%, but according to an analyst at Bank of East Asia, this may just be a buying opportunity.

Bitcoin is likely to triple or more in the future

Geoff Kendrick still believes that by 2024, the world's largest digital currency will more than triple to $100000.

Its Bitcoin price forecast is mainly based on recent bank failures. In a survey report, this analyst stated today:

The current pressure on traditional commercial banks is very favorable for the performance of Bitcoin, and it proves that Bitcoin is the most primitive prerequisite for being a blockchain technology, unreliable, and scarce digital asset.

The increase in the combustibility of Bitcoin after the collapse of Silicon Valley Bank in the United States on March 10th seems to have indeed applied her argument. In addition, BTC's overall supply plan will decrease next year, which traditionally drives up its price.

He predicted other issues with the price of Bitcoin

Kendrick predicts that Bitcoin will significantly outperform the market, which is also due to the possibility of the Federal Reserve raising annual interest rates significantly.

Another proactive metal catalyst he cited is Bitcoin mining. The analyst emphasized that the recent surge in Bitcoin is beneficial for improving students' operational capabilities, thereby reducing their chances of selling a lot of coins.

Due to these characteristics, Bitcoin's market share in the total market value of digital assets is likely to rise from around 45% to 50% to 60% in the near future.

His forecast for the $100000 Bitcoin price is consistent with Gemini's management's forecast from the previous month.