The British multinational bank Standard Chartered believes that Bitcoin (BTC), the world’s largest virtual currency, could hit a price per coin of $120,000 in 2024. In a recent report released by Reuters, the company has adjusted its Bitcoin forecast for next year by a 20% from $100,000.
Standard Chartered Believes Bitcoin Could Hit $120,000
There could be a new bull market for Bitcoin that could help the digital currency reach new all-time highs in 2024. As per Standard Chartered, Bitcoin could reach $50,000 in 2023 and surge towards $120,000 as soon as next year.
As per the report, the recent price surge experienced by Bitcoin could push miners to keep a larger part of the supply. In 2023, Bitcoin moved from below $20,000 to above $31,000 a few days ago.
It is also worth taking into consideration that the Bitcoin network is going to experience a new halving event in 2024. That means that the new issuance of Bitcoin is going to be halved next year. Miners will receive 3.125 BTC per block rather than 6.25 BTC per block as it happens now. This will reduce the creation of Bitcoin to just 450 BTC on average each day.
With this reduction in the new issuance of Bitcoin and a strong bull market, we could see a new trend that could push Bitcoin closer to $120,000. However, it is important to mention that this is not the first time that predictions are made about Bitcoin and that they end up not being realistic.
Several Bitcoin and cryptocurrency analysts have suggested Bitcoin could hit even $250k per coin, but this did not happen. It is a matter of time to see what could happen and whether Standard Chartered predictions become real.