Standard Chartered Predicts Bitcoin Price at $120,000 by 2024

Author: Admin
July 11, 2023

Standard Chartered believes that the 'crypto winter' is over and the largest digital token has gained about 80 per cent since the beginning of the year 2023.

According to a research report released on Monday by Standard Chartered Bank, the market value of Bitcoin (BTC), the most valuable cryptocurrency in the world, could increase to $50,000 by the end of this year and up to $120,000 by the end of 2024.

From the $100,000 projection in April, the British multinational bank upped its bitcoin price forecast. At the time, Standard Chartered predicted that bitcoin may rise to that level due to a number of issues, including the crisis in the banking industry.

"We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," the study stated. Since the year's beginning, Bitcoin has increased by 80%, and it is now worth about $30,100.

According to the analysis, one of the elements that will influence the price this time is an increase in bitcoin miner profitability.

Geoff Kendrick, head of FX and digital assets research, stated: "The rationale here is that, in addition to maintaining the bitcoin ledger, miners play a key role in determining nett supply of newly mined BTC." According to the paper, increased miner profitability per bitcoin generated allows miners to sell less of their output while preserving cash inflows, limiting nett bitcoin supply and ultimately driving up prices.