Standard Chartered revises bitcoin price target to $120,000

Quick Take

  • The price of bitcoin could hit $50,000 by the end of the year, according to research from Standard Chartered Bank.

The largest cryptocurrency by market capitalization could appreciate in price by nearly $100,000 by the end of 2024, according to financial services giant Standard Chartered Bank. 

In a Monday research report, the UK-based global banking giant said that it increased its bitcoin price target from $100,000 — which it forecasted in April — to $120,000. The firm said the price of bitcoin could increase to $50,000 by the end of 2023.

The report points to an increase in miner profitability as one potential tailwind that could trigger an appreciation in the price of the cryptocurrency. 


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“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,” said Geoff Kendrick, head of FX and digital assets research at the firm.

Bitcoin was trading up 2.3% to $30,865 Monday afternoon in New York, adding to gains since the beginning of the year that's brought it to appreciate by about 48%, according to CoinGecko.  

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].


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