From $5,000 to $120,000: Standard Chartered’s Controversial Bitcoin Price Predictions

In response to Retuers, Commonplace Chartered predicts Bitcoin’s value to succeed in $120,000 by 2024, reaching $50,000 this yr and $120,000 by 2024. This upward pattern aligns with the latest enhance in Bitcoin’s worth, encouraging miners to carry onto the digital foreign money.

Commonplace Chartered predicted earlier this yr that the worth of Bitcoin would attain $100,000 by 2024, and that the difficult “crypto winter” had ended.

Nonetheless, it is essential to notice that Commonplace Chartered’s previous Bitcoin value predictions have not all the time hit the mark.

In September 2021, the financial institution’s cryptocurrency analysis unit predicted that Bitcoin would attain $100,000 by early 2022, together with a big Ether value spike. Nonetheless, Bitcoin skilled a dramatic drop of greater than 75% in 2022.

In December 2022, they issued a warning of a possible plunge to $5,000. Eric Robertsen, international head of analysis at Commonplace Chartered Financial institution, defined, “Yields plunge together with expertise shares, and whereas the Bitcoin sell-off decelerates, the harm has been achieved. Increasingly more crypto corporations and exchanges discover themselves with inadequate liquidity, resulting in additional bankruptcies and a collapse in investor confidence in digital property.” Nonetheless, Bitcoin’s value motion since then confirmed that the bottom value since its file excessive in November 2021 was $15,476 on November 11, 2022, defying the financial institution’s prediction.

Regardless of these previous missteps, the present market sentiment aligns with Commonplace Chartered’s optimistic view. On July 6, Matrixport reported that Bitcoin hit a one-year excessive on June 22, 2023, signalling the top of bear markets and the onset of a brand new bull run. Drawing from previous tendencies in 2013, 2017, and 2021, Matrixport predicts a 100% probability of one other huge Bitcoin bull market by 2024, with a value goal of $125,000.



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