Standard Chartered Bank Now Forecasting $120,000 Bitcoin Price By 2024

Key Points:

• Standard Chartered Bank predicts that Bitcoin will reach $50,000 by the end of this year and $120,000 by the end of 2024, revising its previous projection of $100,000 by 2024.
• The bank expects Bitcoin hoarding by miners to increase, leading to reduced net supply and higher prices.
• The BlackRock effect, driven by BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF), has contributed to a more positive mainstream view of Bitcoin, with other asset managers following suit.

According to Reuters, prominent multinational British bank Standard Chartered predicts that the flagship cryptocurrency, Bitcoin, will hit $50,000 by the end of this year. In terms of greater peaks, the bank’s experts predict that Bitcoin will reach $120,000 by the end of next year, 2024.

Standard Chartered Bank has amended its prior projection of a $100,000 Bitcoin price by the end of 2024, citing the conclusion of the “crypto winter.” But, the bank’s chief foreign currency expert, Geoff Kendrick, said that the prior projection had a 20% upside owing to Bitcoin miners hoarding more BTCs. This higher prediction comes as experts at the bank expect increasing Bitcoin hoarding by miners.

“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,” Kendrick said in a Standard Chartered report.

Although miners prepare to hold more BTCs, the difficulty of Bitcoin mining remains high. According to the on-chain analytics platform Glassnode, the Bitcoin Hash Rate (7DMA) is continuing to rise, hitting an all-time high of 395 EH/s. This translates to 395 quintillion guesses every second in an effort to solve a Block.

Overall, Bitcoin has climbed by more than 80% since the beginning of the year, dwarfing the growth of the Nasdaq Composite index. A big bank forecasting a bright future for Bitcoin pricing is just one example of what one expert has nicknamed the BlackRock effect.

The decision by BlackRock to register for a spot Bitcoin exchange-traded fund, followed by many other prominent asset managers, has caused a shift in how the mainstream media views Bitcoin.

Bitcoin’s price has risen to its highest level in over a year since BlackRock applied for a spot ETF on June 15. Its implementation was followed by others, including Fidelity, Valkyrie, and Invesco. While the excitement is high, it is up against a Securities and Exchange Commission that has previously rejected ETF applications seeking to invest in Bitcoin spot markets due to worries about risks.

Standard Chartered is already involved in cryptocurrency, having raised $36 million in a Series A fundraising round in April for its crypto custody platform Zodia.

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