<\/p>\n
One of the biggest British banking institutions \u2013 Standard Chartered \u2013 has reportedly forecast that bitcoin’s price could reach $50,000 by the year’s end and skyrocket to $120,000 by the end of 2024. <\/span><\/p>\n The bank hasn’t always been that bullish. Eric Robertsen \u2013 Global Head of Research at Standard Chartered \u2013 suggested in December 2022 (shortly after the FTX crash) that bitcoin could sink to $5,000 in 2023, whereas gold could soar to $2,250 per ounce. Those predictions have been quite inaccurate (at least for now).<\/span><\/p>\n As <\/span>informed<\/span><\/a> By Reuters, Standard Chartered envisioned that bitcoin’s USD valuation could surge by over 65% and tap $50K by the end of 2023. The last time the primary cryptocurrency stood at that level was in December 2021. <\/span><\/p>\n The bank believes the rally will intensify next year, seeing bitcoin reaching $120K by the end of it. According to Geoff Kendrick \u2013 an analyst at the institution \u2013 the price jump will cause miners to sell less, \u201creducing net BTC supply and pushing BTC prices higher.\u201d<\/span><\/p>\n Kendrick has previously <\/span>opined<\/span><\/a> that the banking crisis in the USA this spring (prompted by the collapse of Silvergate, Signature Bank, Silicon Valley Bank<\/a>, and First Republic Bank) have solidified bitcoin as a “decentralized, trustless, and scarce digital asset.” As such, he saw the potential for the cryptocurrency to reach the $100K milestone at the end of 2024. <\/span><\/p>\n The analyst has also forecast that BTC’s dominance over the alternative coins will exceed 50%. Current data shows that the dominance is 51.5% (per TradingView). It reached 52.2% on June 29: a figure last seen in mid-April 2021.<\/span><\/p>\n Bitcoin, just like many other cryptocurrencies, nosedived shortly after the FTX meltdown last year. Eric Robertsen \u2013 Global Head of Research at Standard Chartered \u2013 <\/span>predicted<\/span><\/a> in December 2022 (when the asset was worth around $17,000) that event’s negative outcome could last in 2023, leading to BTC’s crash to $5,000.<\/span><\/p>\n “Yields plunge along with technology shares, and while the Bitcoin sell-off decelerates, the damage has been done,” he stated.<\/span><\/p>\n<\/blockquote>\n Contrary to the grim forecast, BTC has climbed over 80% since the year’s start, becoming an appealing bite for institutional investors. <\/span><\/p>\n In addition, Robertsen touched upon gold, suggesting it could trade at $2,250 per ounce this year. It has been up nearly 4% year-to-date, currently hovering around $1,930.<\/span><\/p>\nBetting Even Higher<\/span><\/h2>\n
Not so Bullish Last Year<\/span><\/h2>\n
\n
\nBinance Free $100 (Exclusive): Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> ,terms<\/a>,<\/p>\n