Bitcoin could hit $120,000 by the end of 2024: Standard Chartered

Standard Chartered analyst sees another 60% upside in Bitcoin this year.
Geoff Kendrick explained his bullish view on BTC in a research note today.
Bitcoin is already up a whopping 85% since the start of the year 2023.

The massive rally in Bitcoin since the start of this year is just a drop in the bucket compared to where it’s headed, as per a Standard Chartered analyst.

BTC could climb another 60% this year

On Monday, Geoff Kendrick said the world’s largest cryptocurrency could climb further to $50,000 by the end of 2023 which suggests another 60% upside from here.

The analyst is convinced that a continued increase in the price of BTC will make it rewarding for miners to stock huge amounts of it. Reduced net supply, in return, will help the cryptocurrency reach for the skies, he added.

If BTC rises [as] we expect by end-2023, share of newly mined being sold should fall to 20%-30%. That’s a net annual reduction in selling of BTC 250,000.

Bitcoin supply is set to halve next year

Note that the total supply of Bitcoin is scheduled to halve in April or May of 2024.

The Standard Chartered analyst sees several other factors helping unlock significant upside in BTC next year. One of them is the recent banking crisis. Earlier this year, he had forecast Bitcoin at $100,000 by the end of 2024. In a note today, though, Kendrick said:

We now think this estimate is too conservative, and we, therefore, see a 20% upside to our end-2024 target.

That essentially means Bitcoin could hit $120,000 next year. The cryptocurrency is expected to benefit if the Securities and Exchange Commission greenlights a Spot Bitcoin ETF that many asset managers, including BlackRock, have recently filed for.