Banking Giant Standard Chartered Sees Bitcoin Tapping $50K in 2023 and $120K in 2024 (Report)

One of the biggest British banking institutions – Standard Chartered – has reportedly forecasted that bitcoin’s price could reach $50,000 by the year’s end and skyrocket to $120,000 by the end of 2024. 

The bank has not always been that bullish. Eric Robertsen – Global Head of Research at Standard Chartered – suggested in December 2022 (shortly after the FTX crash) that bitcoin could sink to $5,000 in 2023, whereas gold could soar to $2,250 per ounce. Those predictions have been quite inaccurate (at least for now).

Betting Even Higher

As informed by Reuters, Standard Chartered envisioned that bitcoin’s USD valuation could surge by over 65% and tap $50K by the end of 2023. The last time the primary cryptocurrency stood at that level was in December 2021. 

The bank believes the rally will intensify next year, seeing bitcoin reaching $120K by the end of it. According to Geoff Kendrick – an analyst at the institution – the price jump will cause miners to sell less, “reducing net BTC supply and pushing BTC prices higher.”

Kendrick has previously opined that the banking crisis in the USA this spring (prompted by the collapse of Silvergate, Signature Bank, Silicon Valley Bank, and First Republic Bank) has solidified bitcoin as a “decentralized, trustless, and scarce digital asset.” As such, he saw the potential for the cryptocurrency to reach the $100K milestone at the end of 2024. 

The analyst has also forecasted that BTC’s dominance over the alternative coins will exceed 50%. Current data shows that the dominance is 51.5% (per TradingView). It reached 52.2% on June 29: a figure last seen in mid-April 2021.

Not so Bullish Last Year

Bitcoin, just like many other cryptocurrencies, nosedived shortly after the FTX meltdown last year. Eric Robertsen – Global Head of Research at Standard Chartered – predicted in December 2022 (when the asset was worth around $17,000) that the event’s negative outcome could last in 2023, leading to BTC’s crash to $5,000.

“Yields plunge along with technology shares, and while the Bitcoin sell-off decelerates, the damage has been done,” he stated.

Contrary to the grim prediction, BTC has climbed over 80% since the year’s start, becoming an appealing bite for institutional investors. 

In addition, Robertsen touched upon gold, suggesting it could trade at $2,250 per ounce this year. It has been up almost 4% year-to-date, currently hovering around $1,930.