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Standard Chartered Bank's latest research report predicts a promising future for Bitcoin (BTC), the world's largest cryptocurrency. According to the report published on Monday, BTC could soar to $50,000 by the close of this year, and its value could reach an impressive $120,000 by the end of 2024. These projections indicate a potential for substantial growth and offer an optimistic outlook for Bitcoin investors and enthusiasts.
Standard Chartered, the British multinational bank, has revised its bitcoin price forecast from the previously predicted $100,000 in April. In their earlier statement, the bank mentioned various factors contributing to the potential rise, including the ongoing crisis within the banking sector.
"We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," the report said.
Bitcoin's value has surged by 80% since the beginning of the year and is presently being traded at approximately $30,100.
The report highlights that the surge in bitcoin miner profitability will be a significant catalyst for the price surge this time around.
“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.
The report highlights that as miners' profitability per bitcoin mined rises, they have the ability to sell a smaller portion of their output while maintaining a steady cash flow. This reduction in the supply of bitcoin results in higher prices, creating a positive market trend.
