Standard Chartered Predicts Bitcoin Price Could Reach $50,000 by Year’s End
One of the largest British banking institutions, Standard Chartered, has made a bullish prediction for Bitcoin’s price. The bank forecasts that the price of Bitcoin could reach $50,000 by the end of 2023 and skyrocket to $120,000 by the end of 2024. This is a significant shift in their stance, as they previously suggested a much lower price for the cryptocurrency.
Here are the key points from Standard Chartered’s prediction:
– In December 2022, the bank’s Global Head of Research, Eric Robertsen, predicted that Bitcoin could sink to $5,000 in 2023.
– Standard Chartered now believes that Bitcoin’s USD valuation could surge by over 65% and reach $50,000 by the end of 2023.
– The bank expects the rally to intensify in the following year, with Bitcoin reaching $120,000 by the end of 2024.
– Analyst Geoff Kendrick explains that this price jump will lead to miners selling less, which will reduce the net supply of Bitcoin and push prices higher.
– Kendrick also sees Bitcoin’s dominance over alternative coins exceeding 50% in the future.
This prediction from Standard Chartered suggests that Bitcoin’s price will continue to rise in the coming years, with significant gains expected by the end of 2024.
Hot Take
Standard Chartered’s bullish prediction for Bitcoin’s price is a sign of growing confidence in the cryptocurrency’s potential. While their previous predictions may have been inaccurate, the bank now believes that Bitcoin has solidified its position as a decentralized and scarce digital asset. If their forecast holds true, Bitcoin investors could see substantial gains in the coming years. However, it’s important to remember that cryptocurrency markets are highly volatile, and prices can fluctuate rapidly.
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