Bank AI

Bitcoin

April

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 Standard Chartered Bank analysts see a promising <a href="https://ultramining.com/news/en/global-bitcoin-mining-activity-soars-hashrate-hits-record-high/" rel="noopener noreferrer nofollow">future for Bitcoin</a>. They predict the cryptocurrency could reach $50,000 this year, and even $120,000 by 2024. This optimistic outlook stems from miners holding onto the digital asset instead of selling, according to <a href="https://www.foxbusiness.com/markets/bitcoin-on-road-120000-by-end-2024" rel="noopener noreferrer nofollow">foxbusiness</a>.&nbsp; 
 The British bank had previously forecasted Bitcoin hitting the $100,000 mark by the end of next year. However, analyst Geoff Kendrick now reveals a 20% "upside" to that initial prediction. 
 In order to manage overheads, miners who mint 900 new bitcoins daily will need to sell less, the bank says. Furthermore, the number of bitcoins mined will halve in April and May 2024. This is due to Bitcoin's inherent supply and issuance mechanism that curbs supply to retain its appeal. 
 This dynamic can push Bitcoin prices up. If Bitcoin's price rises to around $50,000 by the end of 2023, Kendrick suggests that only 20 to 30% of newly mined bitcoins would need to be sold. 
 The US has also shown growing acceptance for Bitcoin mining. This has spurred a surge in large U.S.-listed miners, adding to Bitcoin's bullish potential. 
 However, the price of the digital asset is currently around $30,384, significantly below its $69,000 high in November 2021. The crypto sector has seen turmoil with the fall of FTX and Binance’s U.S. deposits suspension. Despite these setbacks, traditional finance companies like BlackRock have shown faith in Bitcoin. The company filed for a Bitcoin ETF with the SEC in June. 
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Bitcoin’s Potential Rise: Standard Chartered Predicts $120,000 by 2024

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