Market Analysis: Standard Chartered Predicts Bitcoin at $120k
FXOpen
The value of the largest cryptocurrency could reach USD 50,000 this year and USD 120,000 by the end of 2024, according to analysts at Standard Chartered, Reuters reports.
Note that earlier, bank analysts predicted that the cost of BTC at the end of 2024 would be USD 100,000, but now they have increased their forecast for the price of bitcoin by 20%, based on the assumption of a change in the behavior of miners that can limit the supply of bitcoins as its price rises.
Time will tell how true the bitcoin price forecast for 2024 from Standard Chartered will be, but on the BTC/USD chart today there is an argument in favor of the fact that the forecast can be realized. This is the nature of price action around the USD 30k psychological level.
Compare 2 periods when the price of bitcoin exceeded USD 30k.
In April, the price met strong resistance only USD 500 higher, and a week after the breakdown of USD 30k, it rushed down.
And now is the second period, which began on June 21 and continues to last. The level of immediate resistance above the psychological level is already higher — at around 31k, and the price of bitcoin has not fallen (except for short-term punctures) below USD 30k for almost 3 weeks.
The comparison shows that the bulls are getting more of an edge at the USD 30k level, in other words, the market is shifting in favor of demand forces. And this is optimistic for Standard Chartered's USD 120k bitcoin price prediction.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service (additional fees may apply). Open your trading account now or learn more about crypto CFD trading with FXOpen.
*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Oil Markets: Why Could the Risk Premium Fade
Oil markets have recently reacted to geopolitical developments — but the more important signal may lie in how price action is evolving afterwards.
In this video, we look at why the risk premium in oil could begin to fade, despite ongoing
USD/JPY Builds Positioning Ahead of Signals from the Bank of Japan
USD/JPY dynamics continue to be driven by the persistent yield gap between US and Japanese government bonds. With the Federal Reserve maintaining a relatively hawkish stance and keeping rates elevated as of April 2026, the Bank of Japan remains
Australian Dollar Pulls Back from Highs on Weaker Data
The Australian dollar is undergoing a corrective decline after reaching recent highs, with the current move driven by market reaction to newly released macroeconomic data. Earlier gains in AUD were supported by improving global risk sentiment and steady demand for