Standard Chartered Bank Predicts Bitcoin Surge to $120,000 by 2024

In a recent analysis conducted by Standard Chartered Bank, insights revealed a significant trend among Bitcoin miners—reducing the sale of the leading cryptocurrency. This shift in behavior has led the bank to a compelling forecast: the price of Bitcoin is anticipated to surge to $120,000 by the year 2024. Notably, there's a high probability that by the end of this year, Bitcoin's value may range between $50,000 and $100,000.

Standard Chartered Bank's analysts had previously hinted at a robust surge in Bitcoin's value during the latter half of this year, citing triggers such as the March banking crisis in the United States. Initially forecasting a maximum price target of $100,000 for Bitcoin this year, their estimations were adjusted to $50,000 in July. However, the latest forecast reiterated the potential for a surge to $120,000 by the following year, reaffirming their earlier projections.

The role of miners in this anticipated surge is crucial, as their business profitability is rising due to the use of more advanced equipment. Consequently, miners are holding back a larger portion of the mined Bitcoins for sale. This growing profitability trend in Bitcoin mining is expected to continue, leading to a further reduction in Bitcoin sales. Moreover, the upcoming halving event in the Bitcoin blockchain in the spring of next year is set to halve the issuance of the primary cryptocurrency, reinforcing this declining sales trend.

Standard Chartered Bank also cited the potential approval of a Bitcoin ETF in the United States in 2024 as an additional trigger for the anticipated surge in Bitcoin's price. This regulatory development could potentially further drive the market value of Bitcoin in the upcoming years.