Standard Chartered Bank Says Bitcoin Price Likely To Hit $50,000 This Year, $120,000 By 2024
Multinational bank Standard Chartered, which in December 2022 predicted that the bitcoin price was on track to plummet as low as $5,000 in 2023, now believes that the world’s first and largest cryptocurrency will cost ten times more by year-end and an astounding $120,000 in 2024.
$120,000: Bitcoin Supply Shock Will Slingshot BTC Skyward
Standard Chartered has shared a rosy outlook for Bitcoin.
According to a report by Standard Chartered Bank’s Global Head of Research & Chief Strategist, Geoff Kendrick, Bitcoin has the potential to reach $50,000 this year. Thereafter, the top crypto will climb to $120,000 by the end of next year.
In the banking group’s opinion, the price boom would be driven by one key factor: bitcoin supply dynamics. As network miners use more resources to secure the network, they dump less of their BTC coins, causing a demand-supply disparity that favors the bulls.
“Increased profitability for miners to mine Bitcoin means they can reduce sales while maintaining cash inflow, reducing the net supply of Bitcoin and driving up Bitcoin’s price,” Kendrick opined.
Exciting Times Ahead For Bitcoin
Standard Chartered giving a bullish forecast on Bitcoin’s future price makes it the latest firm to conclude that digital assets are here to stay especially after BlackRock’s recent entry into the spot Bitcoin exchange-traded fund (ETF) arena. BlackRock’s ETF application could make it much easier for fellow Wall Street firms to embrace cryptocurrencies and subsequently transform the BTC market.
Assuming the financial giant succeeds in its ETF quest and other institutional investors follow suit, it would stabilize the Bitcoin price at a considerably higher level than the current $30,000.
Since popping above $31k in June, bitcoin has changed hands between $29,500 and $31,500 levels. The crypto was little changed on Monday, dropping by 0.1% over the past 24 hours to trade at $30,252.43 at press time, according to CoinGecko.
That being said, the involvement of huge financial institutions, whether it be for ETF filings or the new EDX crypto exchange marks a substantial shift and a pivotal moment for the crypto industry in the United States and globally.
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