Bitcoin Predictions 2024
In a research report published on July 10, British multinational bank Standard Chartered expects the price of Bitcoin (BTC), the largest cryptocurrency by market capitalization, to reach $120,000 by the end of 2024.
The bank also expects the price of Bitcoin to reach $50,000 by the end of this year.
The six-figure price forecast, which is about four times its current price, is much more than its prediction in April when it expected the price of Bitcoin to reach $100,000 by the end of 2024. Standard Chartered said at the time that the price of Bitcoin could reach this level due to the banking crisis earlier this year.
The bank added in the report that it believes “this estimate is now very conservative, and therefore we see an increase in our target at the end of 2024.”
Jeff Kendrick, chief forex analyst at Standard Chartered, noted in the report that the profitability of Bitcoin mining will be one of the factors driving the price this time:
“Increasing profitability for miners per Bitcoin mined means they can sell fewer while maintaining cash flow, reducing the net supply of Bitcoin and pushing the price of Bitcoin higher.”
