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Standard Chartered Expects Bitcoin to Climb to $120,000 Next Year

According to Standard Chartered, the main cryptocurrency, Bitcoin, has the potential to rise to $50,000 in value this year and an impressive $120,000 in 2024. The bank believes the recent uptick in Bitcoin’s price may motivate miners to hoard more of the coins they find.

This forecast is a revision of the bank’s earlier prediction made in April, where it anticipated Bitcoin to reach $100,000 next year. Geoff Kendrick, one of Standard Chartered’s leading foreign exchange analysts, believes that their initial forecast has a 20% “upside.” According to Kendrick, miners are able to put on the market fewer coins while still making money because of the greater profitability of each Bitcoin created. As a result, the market value of Bitcoin increases due to the decrease in the quantity of the cryptocurrency that is available for purchase.

Despite the fact that the price of Bitcoin has already increased by 80% since the start of this year, the price is still only around one-half of what it was at its all-time high in November 2021, when it reached a $69,000 valuation. The crypto industry sustained enormous losses in 2022, totaling trillions of dollars, as a result of central banks raising interest rates and multiple crypto companies, including the FTX exchange, facing bankruptcy.

However, the recent failure of some traditional-style banks has helped the market recover.

The reasoning behind Standard Chartered’s forecast for an increase in Bitcoin’s price is that miners, who worldwide create about 900 new Bitcoins every day, will have to put on market coins to meet their costs, primarily the electricity needed to power their supercomputers. Kendrick believes that miners have recently been selling all of their freshly created coins. However, they will probably only sell between 20% and 30% if the price exceeds $50,000.

In essence, the fall in daily sales will result in a reduction of the miner supply from 328,500 to between 65,700 and 98,550 coins per year, or a net loss of almost 250,000 Bitcoins yearly. Furthermore, around April or May, the daily production of new Bitcoins is bound to halve due to a built-in supply and issuance mechanism designed to gradually limit supply and maintain bitcoin’s appeal.

High Bitcoin valuations were typical throughout prior rallies. For instance, a Citi analyst forecasted in November 2020 that by the end of 2022, the currency could soar as high as $318,000 a unit. It nevertheless ended the year at about $16,500, a decrease of almost 65%.  Regardless, there is optimism in the market regarding the potential for Bitcoin to surge further this year if a Bitcoin spot exchange-traded fund (ETF) gains approval in the United States.

These bullish projections could serve to bolster the resolve of sector players such as Bit Mining Ltd. (NYSE: BTCM) to deepen their penetration in the market so as to benefit from the improving market conditions.

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