British banking giant Standard Chartered forecasts that Bitcoin (BTC) will reach $120,000 by 2024. The bank’s analyst stated that the digital asset would get to $50,000 before the end of the year, then more than double by the end of the halving year.
Wen Moon?
In a report on Monday morning, Standard Chartered’s top FX analyst, Geoff Kendrick, stated that Bitcoin would reach $50,000 by December and $120,000 by 2024. The new forecast topples his earlier $100,000 prediction made in April.
Kendrick predicted in April that 2024 would mark the end of the prolonged crypto winter. However, the analyst indicated on Monday that he sees an additional 20% uptrend from the formerly predicted price.
According to Kendrick, the 20% “upside to that call” would result from miners’ anticipated hoarding of Bitcoin, which will lead to increased profitability per Bitcoin mined.
“Increasing miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply, and pushing BTC price higher,” Kendrick stated.
The Future Looks Brighter
In response to the news, a Twitter user noted, “Standard Chartered, the folks who’ve been handling finance since your great-grand-grandpa was in knickers, now say Bitcoin could hit $120k by 2024. Hmmm… Looks like Bitcoin’s not just for nerds in basements anymore, eh?”
The increasing involvement of institutions in Bitcoin has started to speak volumes about the future of the biggest crypto asset in the world. Several predictions by top market analysts have shown that Bitcoin has the potential to do great things.
The Bitcoin spot ETF filing by asset managers BlackRock and Fidelity also denotes the willingness of big investors to attempt exposure to the volatility of the crypto market. MicroStrategy’s continued acquisition of Bitcoin also spells increasing strong belief in the future of the digital currency.
