Standard Chartered Bank has revised its previous Bitcoin price prediction, raising it up to $120k by the end of 2024. According to a July 10 report by Reuters, the bank predicts that Bitcoin will close this year with its price pegged at $50,000.
The British multinational bank had earlier predicted in April that Bitcoin (BTC) price could surge to $100,000 by the end of 2024, however, in the new report, it has increased its prediction up to the tune of $120k.
Standard Chartered said that the recent increase in Bitcoin price could encourage miners to accumulate more of the supply. One of Standard Chartered Bank’s top FX analysts, Geoff Kendrick said,
“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”
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Since the start of 2023, the price of Bitcoin has grown up to 80% and it is currently maintaining the $30,000 mark at press time. Per the report, increased Bitcoin miner profitability is one of the factors cited that will push the price this time.
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Bitcoin’s current price is still less than half the price it attained in November 2021 when it reached its all-time high of $69,000. In 2022, trillions of dollars were lost in the crypto market after it was faced with major crises like the FTX collapse, and central banks hiked rates.
However, this year, a number of factors have fueled the price rebound including the collapse of a number of traditional-style banks. Kendrick also emphasized that miners play a major role in determining the total supply of newly mined BTC.
“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,” he said.
He further estimated that miners have been selling 100% of their new coins recently, stressing that if the price grows to $50,000, they will probably only sell 20-30%
Bitcoin (BTC) price today
According to a live report from CoinMarketCap, the price of Bitcoin today is $30,303. The price is down 0.19% in the last 24 hours at press time. What’s more, Bitcoin is the most popular cryptocurrency in the market and is ranked #1 on the chart. Finally, it has a live market cap of $588,742,048,641 ($588 billion).
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.