Bitcoin Price Forecast: $50,000 in 2023, $120,000 in 2024
Standard Chartered Bank predicts that the price of Bitcoin has the potential to reach $50,000 by 2023 and $120,000 by the end of 2024. Analyst Geoff Kendrick believes that these optimistic forecasts are due to miners reducing their BTC sales following the Bitcoin halving scheduled for around April. With increased mining profitability, miners will need to sell fewer tokens, resulting in reduced BTC supply and increased demand, leading to a price surge.
Revised Forecast: $120,000 Bitcoin Price
Kendrick’s current prediction is a revision of his previous forecast in April when he predicted a Bitcoin price of $100,000 by 2024. After considering miner profitability, he acknowledges that the target was too conservative and is now adding $20,000 to his estimate. A price increase to $120,000 would represent a 225% climb from current levels.
Kendrick estimates that almost 100% of all mined Bitcoins were sold in the second quarter. However, he expects miners to reduce the number of mined BTC over time as the price exceeds the average all-in cash cost of mining. If the BTC price averages $50,000 by Q1-2024 as predicted, selling just 27% of BTC mined in that quarter would generate the same excess cash as selling 100% in Q2-2023. This reduction in supply could lower the net supply of Bitcoin by approximately $250,000.
Bitcoin Price Holding Steady
As of now, the Bitcoin price is holding strong at $36,962 as of 11:45 a.m. EST.
Spot Bitcoin ETF Narrative Supports Price Above $30,000
The recent interest among institutional players in spot exchange-traded funds (ETFs) is helping to keep the Bitcoin price above $30,000. This narrative has inspired bullish predictions from industry experts, including Tom Lee from Fundstrat Global Advisors, who predicts a valuation of $200,000.
Investors are also front-running the spot Bitcoin ETF approval and halving narratives, with many taking advantage of these events by investing in BTCETF and BTCMTX tokens.
BTCETF: The Powering Token for the Ecosystem
BTCETF is the token that powers the ecosystem and rewards holders as BTC ETFs get approved. The project is currently in its fifth stage of presale, offering BTCETF tokens at a price of $0.0058. Investors have a limited window to take advantage of this stage 5 discount.
Bitcoin ETF Token (BTCMTX)
BTCMTX is the ticker for the Bitcoin Minetrix project, a stake-to-mine project that aims to make BTC ownership easier. Experts believe that it could see a 10X increase at launch and revolutionize cloud mining in the crypto world. BTCMTX tokens are currently selling for $0.0119 in stage ten of the presale.
So far, both presales have seen significant collections, with BTCETF raising $1.817 million out of a target objective of $2.123 million, and Bitcoin Minetrix raising $4.472 million out of a target objective of $5.287 million.
Closing Thoughts: The Future of Bitcoin Price
The predictions from Standard Chartered Bank and other experts suggest that the future looks bright for Bitcoin’s price. With reduced supply due to miners selling fewer tokens and increased demand from institutional players and spot ETFs, the potential for price surges is high. However, it’s important to remember that these forecasts are based on various factors and market conditions can always change. Keep an eye on the Bitcoin price and stay informed about the latest developments in the crypto world to make informed investment decisions.
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