Standard Chartered Bank Bitcoin Price Predictions for 2024

Bitcoin price predictions. (Photo; Doc. Coinotag)

JAKARTA - It is reported that Standard Chartered Bank, one of the leading bank giants has revised its previous Bitcoin price prediction. The bank initially predicted the price of Bitcoin would reach USD 100.000 (IDR 1.5 billion) by the end of 2024.

However, Standard Chartered Bank now predicts that the Bitcoin price could reach USD 50.000 (IDR 761 million) by the end of this year and surpass 120.000 USD (IDR 1.8 billion) next year. This revision is based on the assessment of bank analysts who anticipate an increase in Bitcoin hoarding by miners.

Geoff Kendrick, a principal foreign exchange analyst from Standard Chartered Bank, explains that this increase is due to Bitcoin miners getting higher profits from mining activity. This allows them to reduce Bitcoin sales, but still maintain a revenue stream. As a result, the net supply of Bitcoin decreases, which in turn results in an increase in the price of Bitcoin.

In addition, there are other positive indicators that support the projected increase in the price of Bitcoin. Crypto asset inflows for the third straight week saw an increase, and the monthly MACD turned green. This increase in interest is evidenced by the net inflow of USD 136 million (around IDR 2 trillion) into crypto asset investment products last week.

However, the price of Bitcoin is currently moving sideways, trading at 30.193 US dollars (IDR 459 million). Despite this, trading volume has increased by 30 percent in the last 24 hours, indicating strong interest from traders.

On the other hand, Bitcoin miners face challenges in terms of mining difficulty. Even though they are trying to store more Bitcoins, difficulties in the mining process persist. Data from the on-chain platform Glassnode reports that the Bitcoin Hash Rate (7DMA) continues to increase and reaches an ATH (All-Time High) value of 395 EH/s. This shows the level of activeness and intensity of mining efforts in solving blocks.

The United States, as the largest Bitcoin mining and user country in the world, faces challenges in terms of high energy consumption by Bitcoin mining. However, switching to renewable energy sources can help reduce their negative impact on climate change. The use of renewable energy sources, such as methane gas emissions, can be a solution to reduce the environmental impact of Bitcoin mining.

With an estimated increase in the price of Bitcoin that is higher than before, investors and users of Bitcoin can pay attention to changes in market trends and make the right decisions in their investments.