Standard Chartered, a British multinational bank, has predicted that Bitcoin could reach $120,000 by the end of 2024. The bank’s analysts said that the recent jump in Bitcoin’s price could encourage miners to hoard more of the supply, which would drive up the price even further.
“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,” said Geoff Kendrick, one of Standard Chartered’s top FX analysts
Standard Chartered’s forecast is higher than its previous prediction of $100,000 by the end of 2024. The bank’s analysts said that they have become more bullish on Bitcoin in recent months due to the increasing adoption of the cryptocurrency by institutional investors.
“We believe the much-touted ‘crypto winter’ is finally over,” Mr Kendrick added.
Bitcoin‘s price has been on a tear in recent months, rising from around $15,600 in December to over $30,000 today. The cryptocurrency’s rally has been driven by a number of factors, including the increasing adoption of Bitcoin by institutional investors, the growing popularity of decentralized finance (DeFi), and the increasing scarcity of Bitcoin as more and more coins are mined.
Standard Chartered’s forecast is just one of many bullish predictions for Bitcoin’s future price. Other analysts have predicted that Bitcoin could reach $200,000 or even $500,000 by the end of the decade. However, it is important to note that Bitcoin is a volatile asset, and its price could go down as well as up.
Only time will tell whether Standard Chartered’s prediction is correct. However, the bank’s forecast is a sign that the financial industry is becoming increasingly bullish on Bitcoin.
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