Standard Chartered predicts bitcoin's price will reach $120,000 by the end of 2024

According to Kendrick, increased profitability for miners means they can sell less and keep money flowing

by Sead Dedovic
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Standard Chartered predicts bitcoin's price will reach $120,000 by the end of 2024

One of Standard Chartered's top analysts reportedly predicted this week that Bitcoin might reach a new record high next year. This news has pleased many who hope that this will come to pass. A rise in Bitcoin's price will encourage investors to buy more of the cryptocurrency, as Geoff Kendrick predicts it will reach $50,000 this year and possibly more.

In this scenario, an imbalance would arise between supply and demand, which would fuel even more growth. According to Kendrick, increased profitability for miners means they can sell less and keep money flowing, reducing the net supply of BTC and making BTC prices rise.

According to Standard Chartered earlier this year, Bitcoin would reach $100,000 by 2024 due to pressure in the traditional banking sector, ending the so-called "crypto winter."

Geoff Kendrick and his predictions

Kendrick, however, said there has now been an 20% improvement to that call, and estimates the token will reach $120,000 by the end of next year, nearly double its all-time high of $69,000 in 2021.

The US banking crisis and subsequent stock market shock earlier this year led many experts to predict that Bitcoin would become more attractive to investors. During the month of June, the price of the token reached its highest level in over a year.

As of today, it has risen more than 82%. It is certainly very hard to make a true prediction of what will happen in the coming days, weeks and months, as one does not really know what has to take place in those time frames.

There are, however, a number of people who are optimistic that these forecasts will actually be realized. A growing number of people in the crypto world are putting a lot of money into Bitcoin and believe that they can make a profit from it in the future.

We have no doubt that the near future will bring the real truth about everything; Can Bitcoin really break all records?

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