From $5,000 to $120,000: Standard Chartered's Controversial Bitcoin Price Predictions
Luisa Crawford Jul 10, 2023 17:01
According to Retuers, Standard Chartered predicts Bitcoin's price to reach $120,000 by 2024, reaching $50,000 this year and $120,000 by 2024. This upward trend aligns with the recent increase in Bitcoin's value, encouraging miners to hold onto the digital currency.
According to Retuers, Standard Chartered predicts Bitcoin's price to reach $120,000 by 2024, reaching $50,000 this year and $120,000 by 2024. This upward trend aligns with the recent increase in Bitcoin's value, encouraging miners to hold onto the digital currency.
Standard Chartered predicted earlier this year that the price of Bitcoin would reach $100,000 by 2024, and that the challenging "crypto winter" had ended.
However, it's crucial to note that Standard Chartered's past Bitcoin price predictions haven't always hit the mark.
In September 2021, the bank's cryptocurrency research unit predicted that Bitcoin would reach $100,000 by early 2022, along with a significant Ether price spike. However, Bitcoin experienced a dramatic drop of more than 75% in 2022.
In December 2022, they issued a warning of a potential plunge to $5,000. Eric Robertsen, global head of research at Standard Chartered Bank, explained, “Yields plunge along with technology shares, and while the Bitcoin sell-off decelerates, the damage has been done. More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets.” However, Bitcoin's price action since then showed that the lowest price since its record high in November 2021 was $15,476 on November 11, 2022, defying the bank's prediction.
Despite these past missteps, the current market sentiment aligns with Standard Chartered's optimistic view. On July 6, Matrixport reported that Bitcoin hit a one-year high on June 22, 2023, signalling the end of bear markets and the onset of a new bull run. Drawing from past trends in 2013, 2017, and 2021, Matrixport predicts a 100% chance of another massive Bitcoin bull market by 2024, with a price target of $125,000.
Image source: Shutterstock