Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Could Rise to $120K by End-2024: Standard Chartered

Bitcoin Could Rise to $120K by End-2024: Standard Chartered

CoindeskCoindesk2023/07/10 14:45
By:Lyllah Ledesma

The bank previously said it expected the cryptocurrency to reach $100,000 by then.

(Unsplash)

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.

103

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Drift Ecosystem Newsletter #1

X2024/11/09 04:29

VIPBitget VIP Weekly Research Insights

The Solana ecosystem has shown remarkable performance this year. The 24-hour trading volume on Solana's DEXs frequently surpasses that of Ethereum, and the SOL/ETH exchange rate has steadily risen. Coinbase's recent Q3 earnings report revealed that SOL now accounts for 11% of its trading revenue, highlighting users' strong interest in trading SOL. During this market cycle, it can be advantageous to hold SOL positions. Additionally, holding SOL-based LSTs allows you to earn annualized returns that are denominated in SOL. Bitget has partnered with Solayer, Orca, Save, and Kamino to launch BGSOL, and will work to expand BGSOL's applications. With the support from Bitget, BGSOL currently offers the highest APR among SOL-based LSTs.

Bitget2024/11/08 06:08