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Standard Chartered raises its bitcoin forecast to $120,000.

by Swati Gupta

July 10, 2023 25

Standard Chartered, a leading financial institution, has revised its forecast for the price of bitcoin, suggesting that the cryptocurrency could reach $50,000 by the end of this year and surge to $120,000 by the close of 2024. The bank’s analysts believe that such a significant price jump could motivate bitcoin miners to accumulate more of the digital asset, further impacting its supply dynamics. This updated prediction comes after Standard Chartered initially projected a price target of $100,000 for bitcoin by the end of 2024 back in April. However, the bank’s top foreign exchange (FX) analyst, Geoff Kendrick, now suggests there is an additional 20% “upside” potential to that previous forecast.

Standard Chartered has adjusted its forecast for the price of bitcoin, anticipating a substantial increase in the cryptocurrency’s value over the next few years. The bank’s experts now predict that bitcoin could reach $50,000 by the conclusion of 2023, reflecting a considerable surge from its current levels. Looking further ahead, Standard Chartered foresees a remarkable surge in bitcoin’s price, with a target of $120,000 by the end of 2024. This revision suggests an upward adjustment from the bank’s earlier projection of $100,000. Geoff Kendrick, one of the bank’s top FX analysts, highlights a potential additional 20% “upside” to the revised forecast, signaling even greater optimism for bitcoin’s future performance.

Standard Chartered’s revised forecast indicates that the expected price surge could potentially incentivize bitcoin miners to accumulate more of the digital currency. Bitcoin mining involves the process of validating transactions and securing the blockchain network, and miners are rewarded with newly minted bitcoins for their efforts. The projected increase in bitcoin’s value may prompt miners to hold onto their earned bitcoins, expecting higher returns in the future. This behavior could impact the supply dynamics of bitcoin, potentially reducing its circulation and contributing to price appreciation.

Standard Chartered’s updated forecast reflects a shift in perspective regarding the future of bitcoin. The bank previously declared the end of the “crypto winter” in April, indicating a positive outlook for the cryptocurrency market. The revised forecast further reinforces this optimism, suggesting that bitcoin’s value will continue to rise significantly in the coming years. Geoff Kendrick’s acknowledgement of a potential 20% “upside” to the forecast signals continued confidence in bitcoin’s ability to outperform expectations and attract increased investor interest.

Standard Chartered’s revised forecast has notable implications for the broader cryptocurrency market and investor sentiment. The increased price targets for bitcoin could attract more investors seeking to capitalize on potential gains. Moreover, the positive outlook for bitcoin’s value may influence the perception of other cryptocurrencies, creating a ripple effect across the digital asset market. As investors witness bitcoin’s continued price appreciation, they may become more inclined to explore alternative cryptocurrencies, contributing to the overall growth and development of the crypto ecosystem.

Standard Chartered’s updated bitcoin forecast presents an optimistic outlook for the cryptocurrency, projecting significant price increases in the years to come. With the potential for bitcoin to reach $50,000 by the end of this year and surge to $120,000 by the close of 2024, the bank’s analysts anticipate a substantial appreciation in value. Additionally, the projection suggests that bitcoin miners may accumulate more of the digital asset, potentially impacting its supply dynamics. This revised forecast reflects a shift in perspective and reinforces growing confidence in bitcoin’s future performance. As the cryptocurrency market continues to evolve, investors will closely monitor bitcoin’s trajectory and the potential implications for the broader digital asset ecosystem.