Bitcoin Price May Surge To $120,000 By 2024: Standard Chartered

In a recent report, Standard Chartered revised its predictions for the price of Bitcoin, suggesting that the cryptocurrency could reach USD 50,000 by the end of this year and potentially surge to USD 120,000 by the close of 2024. 

This upward projection comes as the bank's analysts anticipate increased hoarding of Bitcoin by miners, prompted by the rising profitability per BTC mined.

Standard Chartered had initially published a forecast in April, outlining a USD 100,000 target for Bitcoin by the end of 2024, signaling the end of the so-called "crypto winter." However, Geoff Kendrick, one of the bank's top foreign exchange (FX) analysts, now sees an additional 20 per cent upside to that previous call. Kendrick emphasised that the improved profitability for miners enables them to sell fewer Bitcoins while still maintaining their cash inflows. This reduction in net BTC supply is expected to further drive up Bitcoin prices.

In April, Kendrick had outlined several factors that could contribute to Bitcoin's potential gain. These factors included recent disruptions in the banking sector, a stabilization of risk assets following the conclusion of the US Federal Reserve's interest rate-hiking cycle, and improved profitability in cryptocurrency mining. Kendrick stated that, despite lingering uncertainties, the path towards the USD 100,000 price level was becoming clearer.

Standard Chartered's revised predictions indicate a growing confidence in Bitcoin's future performance, citing various market dynamics that could support its upward trajectory. However, it is important to note that cryptocurrency markets are known for their inherent volatility and uncertainty