Standard Chartered Raises Bitcoin Price Prediction
Standard Chartered has revised its Bitcoin price prediction, stating that a supply shock will cause the cryptocurrency to surge to $120,000 by the end of 2024. The bank’s previous prediction was $100,000.
Key Points:
– Increased miner profitability means less BTC supply, pushing prices higher.
– Bitcoin’s price is difficult to predict, but institutional investors are interested in the upcoming bull run.
– Bitcoin has been holding firm at $30,000, unable to breach resistance at $31,000.
– The fourth halving is approaching, which historically leads to price surges.
– Standard Chartered expects Bitcoin to reach $50,000 by the end of 2023 and $120,000 by the end of 2024.
– The bank believes that the expected price increase will encourage miners to hoard their rewards, reducing supply and aiding in BTC’s recovery.
Hot Take
Standard Chartered’s optimistic Bitcoin price prediction highlights the growing interest of institutional investors in the cryptocurrency market. While the long-term price of Bitcoin remains uncertain, the upcoming fourth halving event and potential supply shock could contribute to significant price surges. If Bitcoin does reach $120,000 by the end of 2024, it could further solidify its position as a valuable investment asset.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
