Bitcoin to surge to $120K by end-2024, StanChart reportedly predicts

Standard Chartered thinks bitcoin ( BTC-USD ) could reach $50K this year and $120K by the end of next year, it said Monday in a report quoted by several media outlets. Bitcoin ( BTC-USD ) slipped 0.2% to $30.2K at 9:58 a.m. ET, but still up 17.2% M/M and 81.3% Y/Y. The banking giant had previously targeted an end-2024 bitcoin ( BTC-USD ) forecast of $100K , arguing that "the much-touted ‘crypto winter’ is finally over.” The reason for a $20K bump in its price target is "increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher," StanChart FX analyst Geoff Kendrick wrote, Reuters reported. By comparison, Seeking Alpha analysts appear far more conservative with their BTC price forecasts, in the wake of heightened regulatory scrutiny, among other headwinds. Clem Chambers , for instance, reckons BTC can hit as low as $13K by the end of 2023, “but the most likely answer is $25,000. The way Bitcoin is riding out the regulatory disaster zone, almost any price sub-$100,000 is possible, but I remain a bear sitting out this crazy dance.” More on bitcoin and miners: Crypto Roundtable: Top Picks For 2023, Bitcoin's Price At Year-End, The Halving's Impact, And More Don't Rely On Bitcoin Dominance Riot Platforms: Massive Bitcoin Mining Expansion Keeps Us Bullish