Bitcoin Could Rise to $120K by End-2024: Standard Chartered
The bank previously said it expected the cryptocurrency to reach $100,000 by then.
Bitcoin (BTC), the world’s largest cryptocurrency by market value, could rise to $50,000 by the end of this year and up to $120,000 by end-2024, Standard Chartered Bank said in a research report on Monday.
The British multinational bank increased its bitcoin price forecast from the $100,000 . Standard Chartered said at the time that bitcoin had the potential because of several factors, one of them being the banking-sector crisis.
"We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," the report said.
Bitcoin has climbed 80% since the start of the year and is currently trading around $30,100.
The report cites increased bitcoin miner profitability as one of the factors that will drive the price this time.
“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.
Increased miner profitability per bitcoin mined means miners can sell less of their output while maintaining cash inflows, reducing net bitcoin supply and thus pushing the prices higher, according to the report.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Matrixport’s Cactus Custody partners with Singapore Gulf Bank (SGB) to upgrade compliant fiat custody and 24/7 instant access capabilities
This article reports on the collaboration between Cactus Custody, the compliant digital asset custody institution under Matrixport, and Singapore Gulf Bank (SGB). The partnership aims to provide institutional clients with compliant and efficient fiat custody and instant deposit and withdrawal services to meet the needs of connectivity between digital assets and traditional finance.
VIPBitget VIP Weekly Research Insights
As the crypto market recovers in 2025, Digital Asset Treasury (DAT) firms and protocol token buybacks are drawing increasing attention. DAT refers to public companies accumulating crypto assets as part of their treasury. This model enhances shareholder returns through yield and price appreciation, while avoiding the direct risks of holding crypto. Similar to an ETF but more active, DAT structures can generate additional income via staking or lending, driving NAV growth. Protocol token buybacks, such as those seen with HYPE, LINK, and ENA, use protocol revenues to automatically repurchase and burn tokens. This reduces circulating supply and creates a deflationary effect. Key drivers for upside include institutional capital inflows and potential Fed rate cuts, which would stimulate risk assets. Combined with buyback mechanisms that reinforce value capture, these assets are well-positioned to lead in the next market rebound.
Data: Bitcoin spot ETF saw a net inflow of $741.79 million yesterday
Trending news
MoreCrypto prices
More
