According to Retuers, Standard Chartered predicts that the price of Bitcoin will reach $120,000 by 2024, reaching $50,000 this year and $120,000 by 2024. This upward trend aligns with the recent rise in Bitcoin’s value, encouraging miners to keep the digital currency.

Standard Chartered predicted earlier this year that the Bitcoin price would hit $100,000 by 2024 and that the challenging “crypto winter” was over.

However, it is crucial to note that Standard Chartered’s previous Bitcoin price predictions have not always hit the mark.

In September 2021, the bank’s cryptocurrency research unit predicted that Bitcoin would hit $100,000 by early 2022, along with a significant rise in the price of Ether. However, Bitcoin experienced a dramatic drop of more than 75% in 2022.

In December 2022, they issued a warning about a possible drop to $5,000. Eric Robertsen, global head of research at Standard Chartered Bank, explained: “Yields are plummeting along with tech stocks, and while the Bitcoin sell-off slows, the damage has already been done. More and more crypto companies and exchanges are finding themselves with insufficient liquidity, leading to more bankruptcies and a collapse of investor confidence in digital assets.” However, Bitcoin’s price action since then showed that the lowest price from its all-time high in November 2021 was $15,476 on November 11, 2022, defying the bank’s prediction.

Despite these past missteps, current market sentiment aligns with Standard Chartered’s optimistic view. On July 6, Matrixport reported that Bitcoin hit a one-year high on June 22, 2023, signaling the end of bear markets and the start of a new uptrend. Based on past trends in 2013, 2017, and 2021, Matrixport predicts a 100% chance of another massive Bitcoin bull market by 2024, with a $125,000 price target.