London-based multinational banking and financial services firm Standard Chartered has suggested that the price of the flagship cryptocurrency Bitcoin ($BTC) could surge to $50,000 this year, and could breach the $120,000 by 2024’s close.
Back in April, the banking giant made waves in the market with its prediction of Bitcoin reaching $100,000 by the end of 2024, asserting a conclusion to the bleak “crypto winter”.
Geoff Kendrick, one of Standard Chartered’s leading foreign exchange analysts, has now voiced an optimistic revision to that forecast, citing a 20% “upside” in the bank’s earlier call. The increased upside was related to increased miner profitability per BTC, which “means they can sell less while maintaining cash inflows.”
In turn, according to Kendrick, this will reduce the net BTC supply and push the price of the cryptocurrency higher, as Reuters reported.
As CryptoGlobe reported, popular on-chain analyst Willy Woo has recently indicated that he believes the price of Bitcoin is in the “early stages of another price squeeze,” suggesting the cryptocurrency’s price could surge in the near future.
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Woo’s words come as major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.
These financial behemoths, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are “actively working to provide access to Bitcoin and more,” according to CoinShares’ Chief Strategy Officer Meltem Demirors.
BlackRock, the world’s largest asset manager, took a pioneering leap on June 16 with a spot Bitcoin exchange-traded fund application, seemingly igniting a domino effect as peers rushed to file similar applications.
The market responded with a flurry of activity that saw the price of the flagship cryptocurrency Bitcoin hit a new high for the year above the $31,000 mark, before enduring a slight correction to now trade at $30,200.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/07/standard-chartered-raises-bitcoin-price-target-to-120000-by-2024/
