Standard Chartered has revised its 2024 bitcoin forecast to $120,000. The bank’s head of research, Geoff Kendrick, believes that the recent surge in bitcoin’s price may encourage miners to hoard more supply. This could result in reduced net supply and higher prices. Kendrick also attributes the upward revision of the forecast to increased miner profitability.
In the past, Standard Chartered predicted that bitcoin would reach $100,000 by the end of 2024. However, their new forecast is based on different assumptions. They believe that the current bull market will persist and that bitcoin will gain wider acceptance as a store of value.
It is important to remember that all forecasts are subject to change. There are no guarantees that bitcoin will reach $120,000 by the end of 2024. Nonetheless, Standard Chartered’s forecast rests on several factors. These factors indicate that bitcoin is entering a new growth phase.
Standard Chartered supports its forecast by pointing out a few factors, including the recent price surge driven by increased institutional interest, the growing adoption of bitcoin by businesses and governments, and the limited supply of bitcoin, which is capped at 21 million coins.
Of course, there are risks associated with the forecast. These risks include the potential for regulatory crackdowns on cryptocurrencies and a decline in the overall cryptocurrency market.
In summary, Standard Chartered’s forecast presents a bullish outlook for bitcoin. However, it is important to remember that forecasts are subject to change.
