Standard Chartered: Bitcoin Could Hit $120,000 By 2024

Standard Chartered has recently revised its Bitcoin price target, projecting that the cryptocurrency has the potential to reach $120,000 by the end of 2024. This new forecast surpasses their earlier prediction of $100,000, initially made in April. The firm also anticipates Bitcoin to reach $50,000 by the conclusion of 2023.

Bitcoin’s Bullish Outlook

The key question surrounding this bullish outlook is the driving mechanism behind such a price increase. Multiple factors have the potential to propel Bitcoin to these levels, with network growth being a significant contributor. Bitcoin not only dominates in terms of market capitalization and value but also continues to exhibit robust network activity. Recent reports highlight a surge in the creation of new addresses within the Bitcoin network, underscoring its ongoing expansion.

The highly anticipated halving event scheduled for April 2024 is also expected to have a positive impact on Bitcoin. JPMorgan, in a recent report, noted that retail demand for Bitcoin tends to surge following halvings. This historical trend has consistently led to price increases for Bitcoin. Moreover, other predictions have emerged, suggesting that Bitcoin could reach $48,000 before the halving and an impressive $160,000 afterward.


Miners’ Influence on Bitcoin Price Surge

Standard Chartered further emphasizes the influence of miners on this upward trend. Geoff Kendrick, the bank’s top FX analyst, explains that increased miner profitability per BTC mined enables them to sell less while maintaining cash inflows. This reduction in net BTC supply can contribute to pushing Bitcoin prices higher. Currently, Bitcoin’s miner profitability stands at a low of 0.075. At the time of writing, the cryptocurrency was trading at $30,259, reflecting a minor 0.02% daily drop.

Standard Chartered’s bullish forecast for Bitcoin underscores the belief in its long-term growth potential. Factors such as network growth, the upcoming halving event, and the influence of miners all contribute to the positive outlook. However, it’s important to note that the cryptocurrency market remains highly volatile, and price predictions are subject to fluctuations based on various market dynamics.