Standard Chartered Revises Bitcoin (BTC) Price Prediction To $50000, $120K In 2024

Standard Chartered Bank has revised its earlier prediction of a $100,000 Bitcoin price by 2024-end as the “crypto winter” was over. Now, the bank forecasts that Bitcoin price can reach $50,000 by the end of this year and surpass $120,000 by next year. This upward projection comes as the bank’s analysts anticipate increased hoarding of Bitcoin by miners.

Standard Chartered Raises Bitcoin Price Forecasts To $120K

$800 billion Standard Chartered Bank predicted that Bitcoin may reach $50,000 this year and $120,000 by the end of 2024. The bank predicts that rising BTC prices could encourage bitcoin miners to hold more of the Bitcoin supply.

In April, Standard Chartered released a forecast as “crypto winter” was over. It predicted Bitcoin price hitting $100,000 by the end of 2024. However, the bank’s top foreign exchange analyst Geoff Kendrick said there is a 20% upside to the earlier prediction due to Bitcoin miners holding more BTCs.

“Increased profitability for miners to mine Bitcoin means they can reduce sales while maintaining cash inflow, reducing the net supply of Bitcoin and driving up Bitcoin’s price,” said Kendrick.

BTC price currently trades at $30193, moving sideways in the past 24 hours. The 24-hour low and high are $29985 and $30427, respectively. However, the trading volume has increased by 30% in the past 24 hours, indicating an interest among traders.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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