Standard Chartered Predicts Bitcoin at $120K by 2024-end

According to a recent report by Reuters, an analysis from Standard Chartered Bank, a renowned worldwide bank revealed that the price of Bitcoin (BTC), the most valuable cryptocurrency by market value, might reach $50,000 by the end of the year. 

Bitcoin to Reach $120K, Claims Standard Chartered

In particular, by the end of 2024, the price might have risen by approximately $120,000. As per the reports released on Monday, the British multinational bank raised its bitcoin price estimate from $100,000 to $120,000. 

In April, Standard Chartered predicted that bitcoin would reach $100,000 by the end of 2024, believing that “crypto winter” was gone. However, Geoff Kendrick, one of the financial institution’s leading FX analysts, stated that there had now been a 20% “upside” to that estimated value. 

Miners to Play an Important Role

According to the analyst at Standard Chartered, “the rationale here is that as well as maintaining the bitcoin ledger, miners play a key role in determining net supply of newly mined BTC.”

Kendrick added that the “increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”

Furthermore, Kendrick observed that the miners have just started offering all of their brand-new coins. If the price reaches $50,000, they will most likely be selling 20-30%.

Standard Chartered Quickly Changed its Prediction for BTC

At the end of the last year, Standard Chartered issued an unsettling projection regarding the value of Bitcoin (BTC). At that time, the bank predicted that the value of Bitcoin will fall to around $5,000 this year, representing a 93% drop from its peak in November 2021. 

Notably, Bitcoin’s price has increased by 80% since the beginning of the year, but it continues to be just under half the $69,000 it’s all time high in November 2021. Meanwhile, Coinbase, a cryptocurrency behemoth, collaborated with Standard Chartered in March to allow consumers in Singapore to transfer funds to and from accounts held by regional banks.