Standard Chartered Bank Now Forecasting $120,000 Bitcoin Price By 2024
Standard Chartered Bank Now Forecasting $120,000 Bitcoin Price By 2024
According to Reuters, prominent multinational British bank Standard Chartered predicts that the flagship cryptocurrency, Bitcoin, will hit $50,000 by the end of this year. In terms of greater peaks, the bank’s experts predict that Bitcoin will reach $120,000 by the end of next year, 2024. Standard Chartered Bank has amended its prior projection of a $100,000 Bitcoin price by the end of 2024, citing the conclusion of the “crypto winter.” Although miners prepare to hold more BTCs, the difficulty of Bitcoin mining remains high. According to the on-chain analytics platform Glassnode, the Bitcoin Hash Rate (7DMA) is continuing to rise, hitting an all-time high of 395 EH/s. This translates to 395 quintillion guesses every second in an effort to solve a Block. Overall, Bitcoin has climbed by more than 80% since the beginning of the year, dwarfing the growth of the Nasdaq Composite index. A big bank forecasting a bright future for Bitcoin pricing is just one example of what one expert has nicknamed the BlackRock effect. The decision by BlackRock to register for a spot Bitcoin exchange-traded fund, followed by many other prominent asset managers.
