From $5,000 to $120,000: Standard Chartered’s Controversial Bitcoin Price Predictions

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

Standard Chartered predicted earlier this year that the price of Bitcoin would reach $100,000 by 2024, and that the challenging “crypto winter” had ended.

However, it’s crucial to note that Standard Chartered’s past Bitcoin price predictions haven’t always hit the mark.

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

In December 2022, they issued a warning of a potential plunge to $5,000. Eric Robertsen, global head of research at Standard Chartered Bank, explained, “Yields plunge along with technology shares, and while the Bitcoin sell-off decelerates, the damage has been done. More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets.” However, Bitcoin’s price action since then showed that the lowest price since its record high in November 2021 was $15,476 on November 11, 2022, defying the bank’s prediction.

Despite these past missteps, the 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, signalling the end of bear markets and the onset of a new bull run. Drawing from past trends in 2013, 2017, and 2021, Matrixport predicts a 100% chance of another massive Bitcoin bull market by 2024, with a price target of $125,000.


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Coinbase Up 69%, MicroStrategy Up 74% From Lows

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It’s been green candles all around since the beginning of 2023, as the share price of cryptocurrency exchange Coinbase has increased by 69% since it hit an all-time low, and other crypto-related firms, like business analytics company MicroStrategy, have enjoyed similar rises.

On January 6, the price of a share of Coinbase reached a low of $31.95, but by the time trading was done on January 17, it had climbed all the way back up to $54.14. After a difficult year in 2022, during which Coinbase reduced its employees by 20% and wound down its activities in Japan, the increasing share price is expected to be met by a great sigh of relief from the company’s leadership.

Despite the recent increase, COIN is still trading at a price that is more than 84% lower than its all-time high. Other crypto-related companies, such as MicroStrategy and Block Inc., which is a digital payments startup, have also had significant price increases since the beginning of the year.

MicroStrategy’s share price has increased to nearly $236, representing an increase of over 74%, from a low of just over $135 on December 29; this compares to Jack Dorsey’s Block’s share price, which has seen a muted but still respectable increase of 27%, after rebounding from a low of under $59 on December 28 to over $75.

The recovery for crypto mining equities has been much more spectacular. During the first two weeks of the new year, both Bitfarms and Marathon Digital Holdings saw their share prices increase by a significant amount: 140% and 120%, respectively.

Crypto exchange-traded funds (ETFs) also returned, although to a lesser degree, with the price of the Valkyrie Bitcoin Miners ETF (WGMI) more than doubling from its low point of little over $4 on December 28 to over $8 today.

The price of the ProShares Bitcoin Strategy ETF (BITO) has more than doubled from the 28th of December, when it was over $10, and is now hovering around $13; this represents an increase of just under one-third.

After having traded at a discount of more than 45% on December 28, it is now resting at a discount of just over 36% at this time.

It is interesting to note that December 28 seemed to represent a market bottom for many different cryptocurrencies and stocks, despite the fact that some market analysts believe Bitcoin in particular has skyrocketed on the back of the positive inflation figures from the United States that were released on January 12. Bitcoin’s price has increased by over 17% since those positive inflation figures were released.


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Bitcoin (BTC) $ 27,613.40 1.86%
Ethereum (ETH) $ 1,666.78 3.39%
Litecoin (LTC) $ 66.64 1.42%
Bitcoin Cash (BCH) $ 242.57 0.09%