Standard Chartered Bank makes a BTC prediction: 120,000 by the end of 2024?

Miners are preparing for the next Bitcoin halving. According to a report by Standard Chartered Bank, this will cause the BTC supply to drop and the price to explode.

The stock price could rise to $50,000 by the end of the 2023 and $120,000 by the end of 2024. This reports Reuters, citing a research report by Standard Chartered Bank. As recently as April, the British multinational bank predicted a bitcoin price of US$100,000. However, that estimate was too conservative and they see an improvement in the forecast for the end of 2024, according to the latest report.

"This is because miners not only maintain the Bitcoin ledger, but also play a key role in determining the net supply of newly mined BTC," it adds.

As a result, the supply of Bitcoin is decreasing while demand is increasing, according to Standard Chartered Bank. The upcoming halving of Bitcoin next year is also crucial to price growth, the bank continued. Bitcoin has risen 80 percent since the beginning of the year and currently stands at $30,393 (€27,665).

Disclaimer: This is not financial advice but a raport from Standard Chartered Bank. Bitcoin predictions are popular but not always accurate. Therefore, always do your own research.