It is expected to rise to US$50,000 this year, or as high as US$120,000 by the end of 2024
July 10th, Standard Chartered Bank predicted that Bitcoin may reach $50,000 this year and $120,000 by the end of 2024.
The bank predicts that rising bitcoin prices could encourage bitcoin “miners” to hoard more of the bitcoin supply. In April, Standard Chartered released a forecast that the so-called “crypto winter” was over, with bitcoin hitting $100,000 by the end of 2024, but the bank’s top foreign exchange analyst, Geoff Kendrick, said the forecast was now over. There is 20% “upside”.
“Increased profitability for miners to mine Bitcoin means they can reduce sales while maintaining cash inflow, reducing the net supply of Bitcoin and driving up Bitcoin’s price,” Kendrick said in a note.