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Being the world’s most popular digital currency, Bitcoin has become a household name since its inception. It’s a decentralized digital currency operating on a peer-to-peer (P2P) network, known as blockchain. Year after year, Bitcoin has proved its potential and skyrocketed its popularity among investors and financial institutions.
As Bitcoin Halving is coming near, several renowned crypto analysts and financial institutions are making predictions about the price of Bitcoin. Recently, Standard Chartered, a renowned international banking and financial services company has made a bold prediction regarding the future price of Bitcoin. According to their analysis, Standard Chartered believes that Bitcoin will reach an impressive $120,000 by the end of 2024. In this article, we’ll discuss this forecast and see why Standard Chartered is optimistic about Bitcoin’s price.
Standard Chartered’s Forecast
The bullish forecast for Bitcoin’s price from Standard Chartered comes at a time when the crypto market is witnessing high volatility and heightened institutional interest. The bank’s analysts have altered their previous prediction of $100,000 for the price of Bitcoin in 2024 to an even more bullish figure of $120,000. This substantial revision reflects their increased belief in the digital asset’s long-term potential.
4 Reasons Why Standard Chartered is Optimistic
#1 Institutional adoption
The growing institutional adoption of Bitcoin is one of the key factors driving Standard Chartered’s bullish view. Bitcoin has been recognized as a legitimate asset class by major financial organizations, including investment firms and corporations. This institutional influx increases market liquidity and stability, enticing more investors and increasing the market’s upward price trend.
#2 Global macro trends
Standard Chartered’s analysis also considers numerous macroeconomic developments that may have an impact on Bitcoin’s price. Inflation concerns, geopolitical uncertainty, and central bank policies are all driving investors to Bitcoin as a hedge against traditional financial assets. These developments could result in increasing demand and, consequently, higher Bitcoin prices.
#3 Limited supply and Halving
Bitcoin’s scarcity is an important part of its value proposition. Bitcoin’s scarcity as a store of value is capped by its limited supply of 21 million coins. Furthermore, Bitcoin experiences a halving every four years, lowering the rate at which new coins are created. Reduced supply and rising demand might result in a supply-demand imbalance that drives up prices.
#4 Technical analysis
Standard Chartered’s forecast considers the technical analysis of Bitcoin’s price chart patterns. While technical analysis cannot provide a clear forecast, it can provide insights into past price movements and potential future trends. Analysts may consider indicators such as moving averages, support and resistance levels, and price patterns to determine possible price targets.
Standard Chartered’s bold prediction of Bitcoin reaching $120,000 by the end of 2024 has garnered a lot of attention from the crypto community and investors all over the world. While no one can predict the future price of Bitcoin with 100% surety, Standard Chartered’s analysis considers several fundamental and technical factors that influence the crypto’s value. The growing institutional use, global macro trends, limited supply, and technical analysis all support the belief that Bitcoin has the potential to reach unprecedented heights in the future. It’s always advisable that investors should perform their own research and proceed with care when investing in cryptos since the market remains highly volatile.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.