Analysts at British bank Standard Chartered (STAN) have raised their forecast on the price of Bitcoin (BTC) to $120,000 U.S.
In a note to clients, Standard Chartered said that Bitcoin, the biggest cryptocurrency by market capitalization, could reach $50,000 U.S. this year and $120,000 U.S. by the end of 2024.
So far in 2023, the price of Bitcoin has risen 82% to trade at $30,200 U.S. Last December, Bitcoin’s price was just under $16,000 U.S. as the entire crypto sector struggled.
In April of this year, Standard Chartered had predicted that Bitcoin would reach $100,000 U.S. by the end of 2024 but now says that it sees 20% upside to its earlier forecast.
Standard Chartered said that the continued rise in Bitcoin’s price could encourage crypto miners to hoard more of the supply of the digital asset, pushing prices upward in coming months.
Standard Chartered’s stock has increased 15% in the last 12 months to trade at $669.80 British pounds (Cdn$1,139.08) per share.
