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.
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