Standard Chartered Predicts Bitcoin Supply Shock Will Take Price to $120K

Standard Chartered has predicted that Bitcoin (BTC) will reach $50,000 this year and hit all-time highs by 2024. According to a report reported by Reuters on July 10, the banking giant is confident in a BTC price recovery.

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Standard Chartered vs. 2023 BTC price: From $5,000 to $50,000

The perception of Bitcoin, the world’s largest cryptocurrency, has seen a drastic change since the US institutions started to adopt it.

Standard Chartered, which had predicted a $5,000 BTC price in 2020, now expects the value to be ten times higher by the end of this year. The global head of research and chief strategist, Geoff Kendrick, believes that the BTC/USD should reach $50,000 in 2023.

Kendrick states that the supply dynamics are the main reason for this prediction. As miners are dedicating more resources to preserving the network, they are also selling less BTC, thus creating an imbalance between the supply and demand that will favor the bulls.

Standard Chartered is already involved in the crypto space, as its crypto custody platform Zodia raised $36 million in a Series A funding round in April.

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A sign of the pro-Bitcoin times

The recent “BlackRock effect” has been an important milestone for Bitcoin, as major banks and asset managers have started to predict a bright future for BTC prices.

Arthur Hayes, former CEO of the BitMEX exchange, has stated that the unstoppable progress of technology will drive Bitcoin to unprecedented heights. He believes that Artificial Intelligence will be the driving force behind this, as it will recognize the unique features of BTC.

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