Standard Chartered, one of the world’s biggest banking institutions, recently joined the exclusive club of Bitcoin (BTC) prognosticators. According to Reuters, Standard Chartered made a prediction for the bellwether cryptocurrency, concluding that Bitcoin (BTC) could soar as high as $50,000 by the close of 2023, and top out at $120,000 throughout 2024. The prominent bank named the reason for this prodigious price prediction the collective effect of miners hoarding their mined BTC supply due to a recent surge in its market value. In April, the bank made its prior prediction of $100,000 per coin by the end of 2024, drawing from global reactions to the climaxing of the crypto winter. However, Geoff Kendrick, one of the bank’sFX analysts,told respected media outlets that they have increased their Bitcoin expectation to a remarkable $120,000 at its summit. For perspective, BTC’s current all-time $69,000 high was set in November 2021.
It’s looking increasingly likely that the halving event, an automatic supply and issuance mechanism written directly to intoBitcoin’s protocols which reduce it new issuance by half every 4 years, in April or May 2024,will aid thecoin in hammering above $20,000 and possibly onwards towards even loftier summits. So far, each halvening of Bitcoin has followed a multiday upward price trend but whether thecryptomonetary asset could travel north of itsrecord high or beyond $120,000 is anyone’s guess.
