Bitcoin Could Rise to $120K by End-2024: Standard Chartered
The bank previously said it expected the cryptocurrency to reach $100,000 by then.

Bitcoin (BTC), the world’s largest cryptocurrency by market value, could rise to $50,000 by the end of this year and up to $120,000 by end-2024, Standard Chartered Bank said in a research report on Monday.
The British multinational bank increased its bitcoin price forecast from the $100,000 . Standard Chartered said at the time that bitcoin had the potential because of several factors, one of them being the banking-sector crisis.
"We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," the report said.
Bitcoin has climbed 80% since the start of the year and is currently trading around $30,100.
The report cites increased bitcoin miner profitability as one of the factors that will drive the price this time.
“The rationale here is that as well as maintaining the bitcoin ledger, miners play a key role in determining net supply of newly mined BTC,” wrote Geoff Kendrick, head of FX and digital assets research.
Increased miner profitability per bitcoin mined means miners can sell less of their output while maintaining cash inflows, reducing net bitcoin supply and thus pushing the prices higher, according to the report.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Top Cryptos to Buy in June 2025 for Explosive Growth: Arctic Pablo, FLOKI, Memecoin

Hedera (HBAR) Gains Lose Steam as Demand For Shorts Surges
While Hedera's HBAR token has posted slight gains since June, technical signals and growing short interest indicate potential bearish pressure ahead.

Can $104K Save Bitcoin from Further STHs driven Meltdown?
Understanding Bitcoin's Volatility: The Role of Short-term Holders and the Importance of Stabilizing Above Crucial Levels

Strategy Announces $250 Million STRD IPO for Bitcoin Purchases with 10% Dividends

Trending news
MoreCrypto prices
More








