Standard Chartered increases Bitcoin price target for 2024

0

Last Updated on 6 November 2023 by CryptoTips.eu

The countdown to the next halving (the moment when the number of Bitcoins each miner can earn per block is halved) is about to start, and global banks are ready to call a higher Bitcoin target price.

Standard Chartered, who were already very bullish on Bitcoin in 2024, have raised their price target once again. By the end of 2024 at the latest, they expect to see a price of $120,000. If you compare that to the current price ($30,000 approximately) that’s a 400% gain over the next 18 months. We don’t think many stocks will be able to achieve that.

Advertentie.

EDX Markets

After the SEC vilified both Binance and Coinbase in early June with indictments against each of them, it seemed as if Wall Street was clamoring to take over the role of crypto platforms and Bitcoin fangirls altogether.

Blackrock’s CEO did his part by proclaiming on Fox Business how good Bitcoin would be in the future and Fidelity, Charles Schwab and Citadel started their own crypto platform called EDX Markets.

Now there is also the fact that international banks such as Standard Chartered are setting an ever higher Bitcoin price target for next year.

According to their currency analyst Geoff Kendrick, you can conclude that ‘crypto winter’ is officially over and that you will see $50k by the end of this year (an 80% profit). Next year, Geoff forecasts an even higher price of $120k, taking into account the bull run that has historically developed before and after every halving.

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

Geoff added.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts