Standard Chartered has raised its Bitcoin forecast to $120,000 by 2024. The bank’s analysts believe that the price of Bitcoin will continue to rise as more institutional investors adopt the cryptocurrency.
Standard Chartered’s forecast is based on the assumption that Bitcoin will continue to gain acceptance as a store of value and a medium of exchange. The bank’s analysts also believe that the increasing scarcity of Bitcoin will support its price.
The bank’s forecast is more bullish than the consensus forecast, which is for Bitcoin to reach $75,000 by 2024. However, Standard Chartered’s analysts believe that the potential upside for Bitcoin is significant.`
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