One of the largest British banking institutions, Standard Chartered, has reportedly forecast that the bitcoin price could reach $50,000 by the end of the year and skyrocket to $120,000 by the end of 2024.
The bank has not always been so optimistic. Eric Robertsen, global director of research at Standard Chartered, suggested in December 2022 (shortly after the FTX crash) that Bitcoin could drop to $5,000 by 2023, while gold could skyrocket to $2,250 an ounce. Those predictions have been pretty inaccurate (at least for now).
Betting even higher
As informed Per Reuters, Standard Chartered envisioned bitcoin’s USD valuation could rise by more than 65% to $50,000 by the end of 2023. The last time the top cryptocurrency was at that level was December 2021.
The bank believes the rally will intensify next year and will see Bitcoin hit $120,000 by the end of it. According to Geoff Kendrick, an analyst at the institution, the price jump will cause miners to sell less, “reducing the net supply of BTC and raising BTC prices.”
Kendrick formerly opined that the banking crisis in the US this spring (fueled by the collapse of Silvergate, Signature Bank, Silicon Valley Bank and First Republic Bank) has solidified Bitcoin as a “decentralised, trustless and scarce digital asset”. As such, he saw the potential for the cryptocurrency to reach the $100K milestone by the end of 2024.
The analyst also forecast that BTC’s dominance over altcoins will exceed 50%. Current data shows dominance at 51.5% (according to TradingView). It reached 52.2% on June 29: a figure last seen in mid-April 2021.
BTC Dominance, Source: TradingView
Not so bullish last year
Bitcoin, like many other cryptocurrencies, took a nosedive shortly after the FTX crash last year. Eric Robertsen, global director of research at Standard Chartered, foretold in December 2022 (when the asset was worth around $17,000) that the negative outcome of the event could last into 2023, leading to BTC falling to $5,000.
“Yields plummet along with tech stocks, and while the Bitcoin selloff slows, the damage has already been done,” he stated.
Contrary to the gloomy prediction, BTC is up more than 80% since the start of the year, making it an attractive morsel for institutional investors.
In addition, Robertsen referred to gold, suggesting that it could trade at $2,250 an ounce this year. It’s up almost 4% year to date, and is currently hovering around $1,930.
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This post Banking giant Standard Chartered projects Bitcoin to fetch $50,000 in 2023 and $120,000 in 2024 (report)
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