Bitcoin (BTC) is on track to top $50,000 this year and break out to new all-time highs in 2024, according to Standard Chartered.

in a report lead On July 10, according to reports from Reuters and other media, the banking giant officially announced the recovery of BTC prices.

Standard Chartered and BTC Price in 2023: From $5,000 to $50,000

following With massive changes in the way Bitcoin is institutionalized in the United States, the mainstream narrative surrounding the largest cryptocurrency is rapidly shifting.

Standard Chartered, which also predicted last year that BTC prices would drop to $5,000, now sees bitcoin prices rising tenfold by the end of this year.

The report by Geoff Kendrick, head of global research and chief strategist, predicts that Bitcoin will reach $50,000 against the US dollar in 2023.

After that, bitcoin should rise to $120,000 by the end of next year.

The reason, according to Kendrick, is supply dynamics. As miners devote more and more resources to securing the network, they sell fewer bitcoins, creating a supply and demand imbalance that will benefit bulls.

“The increased profitability of miners per mined BTC (Bitcoin) means they can sell less while maintaining cash inflows, reducing BTC net supply and pushing up BTC prices,” the report states.

Standard Chartered is already active in the crypto space, with its crypto custody platform Zodia raising $36 million in a Series A round in April.

A sign of the Bitcoin era

A major bank predicting a positive outlook for BTC prices is just one example of what analysts recently dubbed the “BlackRock effect.”

related: ETF Approval May Boost Bitcoin Liquidity, But Not Game Changer – JP Morgan

BlackRock’s move to apply to set up a spot bitcoin exchange-traded fund was repeated by several major asset managers, sparking a shift in how mainstream media treats bitcoin.

Arthur Hayes, the former CEO of the BitMEX exchange, said that the unwavering process of global technological advancement will itself allow BTC to skyrocket.

Artificial intelligence is getting the most attention, and Hayes believes it will choose Bitcoin as its currency of choice due to its unique attributes.

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