Bitcoin Price Prediction as Standard Chartered Reiterates $120,000 Price Target for BTC in 2024 – Time to Buy?

Arslan Butt
Last updated: | 4 min read


In the ever-evolving realm of cryptocurrencies, Bitcoin (BTC), the flagship digital asset, remains resilient, consistently hovering above the $37,000 threshold on Monday. The broader crypto market, with a global cap of $1.42 trillion, witnessed a modest 24-hour dip of 1.22 percent. Yet, there’s an air of optimism as the market gradually rebounds, fueled by robust investor confidence.

Notably, the crypto fear and greed index is firmly in the ‘greed’ territory, scoring 66 out of 100, hinting at positive market sentiment. For Bitcoin’s bullish trajectory to sustain, it must breach the $37,700 resistance level; failing which, it might seek support near $37,100.

Amidst this cautious optimism, a notable projection from Standard Chartered analyst Geoff Kendrick stands out, suggesting Bitcoin could soar to a staggering $120,000 by the end of 2024. This bullish forecast aligns with the current reduction in Bitcoin sales by miners, indicating a potential tightening of supply.

Adding to the positive outlook, anticipations of a more accommodating stance from the US Federal Reserve in the upcoming year are also buoying Bitcoin’s prospects. Such a policy shift could bolster investor confidence further in the cryptocurrency. Concurrently, the weakening sentiment around the US Dollar has been a significant factor bolstering Bitcoin’s price, painting a complex yet promising picture for the world’s leading cryptocurrency.

Bitcoin’s Upswing: Mining Profits, Wall Street Buzz, and Bullish Forecasts


Bitcoin is poised for a significant upswing, potentially reaching $120,000 by the end of 2024. Geoff Kendrick, an analyst at Standard Chartered, attributes this potential rise to a reduction in Bitcoin sales by miners, fostering a more favorable market environment. Initially projecting Bitcoin to hit $100,000 next year, Kendrick has revised his estimate to $120,000, suggesting an almost 300% increase from current levels. He predicts a 67% increase in Bitcoin’s value this year, targeting $50,000.

Increased mining profitability underpins this optimistic forecast. Higher profits enable miners to sell fewer bitcoins, maintaining their cash flow and consequently reducing Bitcoin’s overall supply. Kendrick estimates that with Bitcoin averaging $50,000 by early 2024, miners would need to sell only 27% of mined bitcoins to generate the same cash flow as selling 100% in Q2-2023. This scenario could diminish Bitcoin’s net supply by approximately 250,000, influencing its price and reducing its inflation rate.

Bitcoin’s recent rebound above $30,000 has been bolstered by positive developments like Wall Street’s growing interest in Bitcoin ETFs. Analysts, including Tom Lee of Fundstrat, have predicted Bitcoin could reach as high as $200,000 in the coming years. Factors like the increasing profitability of mining, cost reductions by large-scale miners, and forthcoming halving events also support this optimistic trend.

Consequently, Wall Street’s interest in ETFs and bullish forecasts by analysts are key drivers behind Bitcoin’s recent price resurgence and its potential for future growth.

US Dollar Weakness and Mixed PMIs: Influencing BTC and Market Mood


The recent softness in the US Dollar has been a boon for Bitcoin, further influencing the broader market sentiment. This weakness in the dollar primarily stems from the mixed signals sent by the S&P Global Purchasing Managers’ Index (PMI) data, leading to speculation that the US Federal Reserve may adopt a more relaxed monetary policy by 2024.

The latest release for November indicates a stable US S&P Global Composite PMI at 50.7. However, while the Services PMI saw a minor uptick to 50.8, the Manufacturing PMI dipped to 49.4, not quite reaching the forecasted 49.8.

This mixed economic picture is reflected in the US Dollar Index, which is struggling around 103.40, despite a slight improvement in US Treasury yields, which stand at 4.50% for 10-year and 4.97% for 2-year bonds. The weakening dollar, influenced by these mixed PMI outcomes and the anticipated shift in the Fed’s policy, is indirectly bolstering Bitcoin’s appeal.

Bitcoin Price Prediction

In the dynamic world of cryptocurrency trading, Bitcoin (BTC), the market leader, is exhibiting some volatility. As of now, Bitcoin’s price stands at $37,336.50, with a 24-hour trading volume of $14.87 billion. Despite its dominant market position, Bitcoin has seen a 1.06% decline in the last 24 hours, bringing its market capitalization to approximately $730.08 billion. Currently, there are 19,554,106 BTC in circulation, inching closer to its maximum supply of 21 million coins.

From a technical standpoint, Bitcoin’s current pivot point is $37,158. The asset faces immediate resistance at $38,648, followed by higher levels at $39,944 and $41,407. On the downside, support is established at $35,916, with further cushions at $34,399 and $33,185. These levels are crucial in determining BTC’s short-term movements.

Bitcoin Price Chart - Source: Tradingview
Bitcoin Price Chart – Source: Tradingview

The Relative Strength Index (RSI) for BTC is at 47, suggesting a slight bearish sentiment as it’s below the 50 threshold. The Moving Average Convergence Divergence (MACD) reading stands at -67.56, with a signal line at 18.09, indicating a potential downward momentum. Furthermore, BTC is trading just above the 50-Day Exponential Moving Average (EMA) of $37,245, offering a mixed short-term outlook.

A notable descending triangle pattern has been observed, with extending resistance at $38,000 and an upward trendline at $36,400. A bearish breakout below this could potentially drive BTC towards the $35,460 level.

In summary, the overall trend for BTC appears bearish below the critical level of $37,400. Short-term forecasts suggest BTC may test its resistance levels, particularly if it fails to sustain above the aforementioned bearish breakpoint. Investors and traders should closely monitor these levels, as breaking through either side could signify a significant price movement for Bitcoin.

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