Bitcoin Predictions According To Standard Chartered: BTC Prices Can Reach IDR 1.8 Billion In 2024

Bitcoin Price Predictions according to Standard Chartered Bank. (Photo; Doc. Unsplash)

JAKARTA - Standard Chartered Bank, one of the leading UK banks, has again issued optimistic predictions about Bitcoin (BTC). The bank estimates that this crypto asset could reach US$120,000 or around Rp1.8 billion by the end of 2024. This prediction is maintained even though the bank previously doubted BTC's potential this year.

In April, bank analyst Geoff skills projected that BTC could rise to US$100,000, or around Rp1.5 billion by the end of 2023. This prediction is based on various factors, one of which is the financial crisis in the US that affects many financial companies, including the Signature Bank.

However, in July, the bank changed its view, stating that BTC was unlikely to reach that level this year. The bank lowered its BTC price target to US$50,000 or around Rp. 750 million by the end of 2023, but still maintains a projected US$120,000 by 2024.

Reasons BTC Prices Rise

According to the bank, one of the factors that will drive the increase in BTC prices by 2024 is the increase in mining profitability. When mining becomes more profitable, miners can sell fewer BTC while keeping cash flow stable. This will reduce BTC supply in the market and increase demand.

"We are repeating BTC's year-end price target of around 100.000 US dollars, with the potential increase due to reduced mining sales," skills said in an email quoted by an unnamed source.

Currently, the price of BTC is around $32,000 or around Rp480 million. If Standard Chartered's prediction is correct, then this crypto asset could experience an increase of almost 300% from the current level. The bank also expects a 67% increase in BTC prices this year, which will pave the way to the target of 50,000 US dollars by 2023.