Standard Chartered Bank predicts Bitcoin to reach $120,000 by 2024
Standard Chartered Bank has revised its bitcoin price prediction, forecasting a rise to $120,000 by the end of 2024. This updated forecast comes after the bank initially projected a price target of $100,000 in April 2023. Geoff Kendrick, the bank’s top foreign exchange analyst, highlighted that the recent rise in miner profitability would reduce bitcoin supply and contribute to higher prices.
Venture capitalist Tim Draper adjusts BTC price prediction to 2025
Venture capitalist Tim Draper, who previously believed bitcoin would reach $250,000 in 2022, now predicts that it will hit the $250,000 mark in 2025.
BlackRock’s ETF approval could fuel bitcoin’s rise
BlackRock has submitted a revised application for a bitcoin spot ETF, which, if approved, would be the first to gain regulatory clearance. This could open doors for institutional investors to enter the cryptocurrency market and significantly boost bitcoin’s price and mainstream adoption.
Bitcoin’s current status
At the time of writing, bitcoin is hovering around the $30,342 level, with a slight rise of 0.20% over the past 24 hours. It has a market cap of $586,493,859,341 and a circulating supply of 19 million. Bitcoin has shown resilience by holding the $30,000 support level, and if bullish momentum continues, it could surge toward the next resistance at the $35,000 to $36,000 range. The daily timeframe’s relative strength index (RSI) stands at 47.6, indicating a neutral sentiment.
Hot Take
Standard Chartered Bank’s revised bitcoin price prediction, along with the potential approval of BlackRock’s ETF, suggests that the cryptocurrency market is poised for further growth. Despite recent downturns and challenges, bitcoin continues to hold strong, and its increasing adoption by institutional investors could drive its price to new heights.
