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.
“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.
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