Daisy Watts 
Dec 10, 2023
Standard Chartered increased its optimistic Bitcoin forecast, setting a target of up to $120,000 by the end of 2024.
The bank attributes this projection to cash-rich miners reducing their sales of the cryptocurrency. As miners become more profitable, they can afford to sell fewer Bitcoins, resulting in a decrease in net supply and driving up prices.
Standard Chartered's prediction takes into account the energy-intensive process of Bitcoin mining and the potential for higher future prices. This bold forecast aligns with other bullish predictions, such as Cathie Wood's projection of Bitcoin reaching $1 million by 2030.
The bank previously underestimated the impact of higher miner profitability on Bitcoin supply reduction and now expects the price to reach $50,000 by the end of this year before surging to $120,000 in 2024, reported Bloomberg. The upcoming halving event in 2024, which will decrease the supply of Bitcoin rewards, further adds to the supply pressure.
Despite its recent jump in value, Bitcoin is still below its all-time high of nearly $69,000 in November 2021. The increased interest in Bitcoin is reflected in the growing number of filings for Bitcoin exchange-traded funds, including BlackRock Inc.'s application.
