Standard Chartered Bank Increases Bitcoin Price Target to $120,000
Standard Chartered Bank, a leading global financial services company, has increased its #bitcoin price target to $120,000 by the end of 2024. The bank's previous price target was $100,000. #StandardChartered
The bank's research report cited an increase in miner profitability as one potential tailwind that could trigger an appreciation in the price of the cryptocurrency. Miners are the entities that validate transactions on the bitcoin network and are rewarded with newly minted bitcoins. $BTC
The report's, estimated that miners have recently been selling 100% of their new coins. However, if the price of bitcoin reaches $50,000, they would probably only sell 20-30% of their new coins. This would reduce the supply of bitcoin on the market, which could drive up prices.
The report also noted that bitcoin is becoming increasingly institutionalized. This means that more and more large financial institutions are investing in bitcoin. This trend is likely to continue, which could also drive up prices.
Overall, the report's findings suggest that bitcoin is poised for further upside in the coming years. However, it is important to note that the cryptocurrency market is volatile and that prices could fluctuate significantly in the short term. #BTC
Conclusion
Standard Chartered Bank's increased price target for bitcoin is a bullish signal for the cryptocurrency. The bank's analysis suggests that miner profitability and institutional adoption are two factors that could drive up prices in the coming years. However, it is important to note that the cryptocurrency market is volatile and that prices could fluctuate significantly in the short term.