How Much Will You Be, Bitcoin? Many are asking this question. THE predictions on Bitcoin (BTC) price in our crypto industry annoy some and amuse others. Sometimes these projections are considered a sign of bad augurs or, on the contrary, as a ray ofhope. Standard Chartered, a British multinational bank active in banking services for individuals, companies and institutions, tried the exercise. Result: the bank predicts a BTC at $120,000.
From $5,000 to $120,000 for BTC: the great institutional lottery
The World Bank has therefore announced, in a report led by its international head of research, Geof Kendrickwhich Bitcoin (BTC) would reach $50,000 this yearwith, hang on, a vertex at $120,000 in 2024.
This prediction makes you smile, because Standard Chartered did not give much of Bitcoin’s skin last year, suggesting that BTC would fall to $ 5,000, as explained by our colleagues from Reuters. A turnaround allowing the bank to align with some of his colleagues
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Mining, halving and institutional: the ingredients of the BTC bull run
What explains the attraction for the queen of cryptocurrencies? The report connects several arguments. The bank highlights the change in behavior of institutional players, particularly in the United States, as evidenced by the Bitcoin ETF race led by Wall Street giantssuch as BlockRock or Ark Invest.
Kendrick also mentions the offer dynamics and the arrival of the Bitcoin halving. In this context, BTC miners protecting Bitcoin will seek to maintain an imbalance between supply and demand for the price of BTC to rise.
“Increasing miners’ profitability per BTC (bitcoin) mined means they can sell less, while maintaining cash inflows, reducing the net supply of BTC and driving up BTC prices”
Even though Standard Chartered turned its back on BTC for a while, it would seem that the bank follows the direction of the wind. The latter has already set foot in the ecosystem by participating in a fundraiser for the Zodia crypto custody platform.
As the days repeat themselves in this bear market environment, this startling prediction testifies to theenthusiasm major financial players towards Bitcoin. We might even find Chartered Standard reasonable compared to others. For example, Arthur Hayes considered a correlation between the Bitcoin price and artificial intelligence, leading the queen of cryptocurrencies to reach $260,000.
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