10-7-2023 (LONDON) Standard Chartered, a renowned banking institution, made a bold prediction on Monday, suggesting that the top cryptocurrency, bitcoin, has the potential to reach $50,000 by the end of this year and soar to an impressive $120,000 by the conclusion of 2024. The bank’s forecast further speculated that such a substantial surge in bitcoin’s value could incentivize bitcoin miners to accumulate more of the digital currency.
Back in April, Standard Chartered had already projected an end-2024 target of $100,000 for bitcoin, indicating their belief that the “crypto winter” had come to an end. However, one of the bank’s esteemed foreign exchange (FX) analysts, Geoff Kendrick, has now expressed an additional 20 percent “upside” to that previous forecast.
Kendrick stated in a comprehensive report, “The increased profitability per BTC (bitcoin) mined by miners enables them to sell a smaller quantity while maintaining a steady flow of cash, ultimately reducing the overall supply of BTC and subsequently driving its prices upwards.”
