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One of the largest British banking institutions – Standard Chartered – has reportedly estimated that the price of bitcoin could reach $50,000 by the end of the year and $120,000 by the end of 2024.
The bank hasn’t always been so optimistic. Eric Robertson, global head of research at Standard Chartered, suggested in December 2022 (shortly after the FTX crash) that bitcoin could fall to $5,000 in 2023, while gold could rise to $2,250 an ounce. Those predictions have been hugely wrong (at least for now).
betting even more
As informed Per Reuters, Standard Chartered estimated that the USD valuation of bitcoin could rise by more than 65% and reach $50K by the end of 2023. The last time the primary cryptocurrency was at that level was in December 2021.
The bank believes that next year the rally will intensify and bitcoin will reach $120K by the end of it. According to Geoff Kendrick, an analyst at the institution – the price jump will cause miners to sell short, “decreasing the net BTC supply and driving BTC prices up.”
Kendrick has done it before did not The banking crisis in the United States this spring (triggered by the collapse of Silvergate, Signature Bank, Silicon Valley Bank, and First Republic Bank) has solidified bitcoin as a “decentralized, trustless, and scarce digital asset.” Thus, he sees the possibility of the cryptocurrency reaching the $100K milestone by the end of 2024.
The analyst also predicts that BTC’s dominance over alternative coins will exceed 50%. Current data shows that the dominance is 51.5% (per TradingView). It reached 52.2% on 29 June: this figure was last seen in mid-April 2021.
last year was not so fast
Bitcoin, like many other cryptocurrencies, fell shortly after the FTX meltdown last year. Eric Robertson – Global Head of Research at Standard Chartered – Predicted The negative outcome of that event, which took place in December 2022 (when the asset was valued at around $17,000), could last into 2023, causing the BTC price to drop to $5,000.
“Yields have declined along with technology stocks, and while bitcoin sales have declined, the damage has been done,” he added.
Contrary to dire predictions, BTC has climbed more than 80% since the start of the year, making it an attractive option for institutional investors.
Furthermore, referring to gold, Robertson suggested that it could trade at $2,250 an ounce this year. It is up almost 4% so far, currently hovering around $1,930.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
One of the largest British banking institutions – Standard Chartered – has reportedly estimated that the price of bitcoin could reach $50,000 by the end of the year and $120,000 by the end of 2024.
The bank hasn’t always been so optimistic. Eric Robertson, global head of research at Standard Chartered, suggested in December 2022 (shortly after the FTX crash) that bitcoin could fall to $5,000 in 2023, while gold could rise to $2,250 an ounce. Those predictions have been hugely wrong (at least for now).
betting even more
As informed Per Reuters, Standard Chartered estimated that the USD valuation of bitcoin could rise by more than 65% and reach $50K by the end of 2023. The last time the primary cryptocurrency was at that level was in December 2021.
The bank believes that next year the rally will intensify and bitcoin will reach $120K by the end of it. According to Geoff Kendrick, an analyst at the institution – the price jump will cause miners to sell short, “decreasing the net BTC supply and driving BTC prices up.”
Kendrick has done it before did not The banking crisis in the United States this spring (triggered by the collapse of Silvergate, Signature Bank, Silicon Valley Bank, and First Republic Bank) has solidified bitcoin as a “decentralized, trustless, and scarce digital asset.” Thus, he sees the possibility of the cryptocurrency reaching the $100K milestone by the end of 2024.
The analyst also predicts that BTC’s dominance over alternative coins will exceed 50%. Current data shows that the dominance is 51.5% (per TradingView). It reached 52.2% on 29 June: this figure was last seen in mid-April 2021.
last year was not so fast
Bitcoin, like many other cryptocurrencies, fell shortly after the FTX meltdown last year. Eric Robertson – Global Head of Research at Standard Chartered – Predicted The negative outcome of that event, which took place in December 2022 (when the asset was valued at around $17,000), could last into 2023, causing the BTC price to drop to $5,000.
“Yields have declined along with technology stocks, and while bitcoin sales have declined, the damage has been done,” he added.
Contrary to dire predictions, BTC has climbed more than 80% since the start of the year, making it an attractive option for institutional investors.
Furthermore, referring to gold, Robertson suggested that it could trade at $2,250 an ounce this year. It is up almost 4% so far, currently hovering around $1,930.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
