Standard Chartered Predicts Bitcoin to Hit $120,000 by Q2 2024

Standard Chartered has forecasted that Bitcoin could reach $120,000 in the second quarter of this year. This prediction is driven by strong inflows into Bitcoin exchange-traded funds (ETFs) and increasing demand amid global market volatility. The bank's Head of Digital Asset Research, Geoff Kendrick, highlighted that Bitcoin's price is poised for a rally similar to its surge following the US presidential election in November 2024, when it reached a record high of $103,713.

Kendrick noted that the accelerating inflows into US spot Bitcoin ETFs, contrasted with declining gold ETP inflows, suggest a shift in investor preference towards Bitcoin as a hedge against traditional finance and US Treasury risk. This trend aligns with the growing institutional confidence in cryptocurrencies, as indicated by Standard Chartered's prediction that Bitcoin's price could reach $200,000 by the end of this year and $500,000 by 2028.

The bank's bullish outlook is supported by the increasing popularity of Bitcoin as a hedge against traditional finance, outpacing gold. This is evident in the significantly higher inflows into Bitcoin ETFs compared to gold ETPs. The growing liquidity and global conditions, including capital flight and market volatility due to US tariffs, further suggest a shift away from dollar-dependent assets towards Bitcoin.

Standard Chartered's forecast reflects the growing institutional interest in Bitcoin and the potential for a major revaluation of the cryptocurrency. The bank's prediction of a $120,000 price target for Bitcoin in the second quarter is based on the current market trends and the increasing demand for Bitcoin as a strategic asset. This optimism is further supported by the bank's long-term forecast of a $200,000 price target by the end of this year and a $500,000 price target by 2028, signaling a strong bullish sentiment towards Bitcoin in the coming years.