- Standard Chartered Bank Predicts Bitcoin to Rise to $120000
- Bitcoin Miner Will Be One of The driving Factors of The Price
Standard Chartered Bank, a British multinational banking institution, has revised its Bitcoin price forecast, predicting that the world’s largest cryptocurrency could reach $50,000 by the end of this year and potentially surge to $120,000 by the end of 2024.
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Bitcoin to Rise to $120000
This upward revision comes as Bitcoin continues its upward trajectory, having already climbed 80% since the beginning of the year.
The bank’s research report suggests that increased profitability for Bitcoin miners will be one of the driving factors behind the anticipated price surge.
Revised Price Forecast
Standard Chartered Bank had previously predicted a Bitcoin price of $100,000 by the end of 2024 in April. However, the bank now considers this estimate to be too conservative and sees additional upside potential for the cryptocurrency.
The revised forecast reflects the growing confidence in Bitcoin’s ability to outperform previous expectations, with the bank suggesting that the end-2024 target could be even higher than the projected $120,000.
Factors Influencing Price Growth
The research report highlights increased profitability for Bitcoin miners as a crucial factor in driving the cryptocurrency’s price surge.
Miners, who both maintain the Bitcoin ledger and determine the net supply of newly mined BTC, are expected to benefit from improved profitability.
This allows miners to sell less of their output while maintaining cash inflows, ultimately reducing the net supply of Bitcoin available in the market. As a result, this reduced supply is likely to push prices higher.
Bitcoin’s Performance and Current Trading Level
Bitcoin has already demonstrated significant growth this year, with an 80% increase since the beginning of 2024. As of the report’s publication, Bitcoin is trading at around $30,100.
This upward momentum has generated increasing interest and confidence in the cryptocurrency market, attracting both institutional and retail investors who see the potential for substantial returns.
Standard Chartered Bank’s revised Bitcoin price forecast reflects the growing optimism surrounding the cryptocurrency’s performance.
With a projected rise to $50,000 by the end of this year and a potential surge to $120,000 by 2024, the bank expects Bitcoin to outperform its previous estimates.
The research report emphasizes the role of increased miner profitability in driving price growth, as miners can sell less of their output while maintaining cash inflows, reducing the net supply of Bitcoin and subsequently pushing prices higher.
As Bitcoin continues to gain momentum and attract mainstream attention, the cryptocurrency market remains dynamic and promising for investors seeking potential returns.
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