Home Bitcoin News Standard Chartered Makes Bold Bitcoin Price Predictions: Could Bitcoin Hit $120,000 by Next Year?

Standard Chartered Makes Bold Bitcoin Price Predictions: Could Bitcoin Hit $120,000 by Next Year?

Bitcoin

Bitcoin, the world’s most popular cryptocurrency, has captured the attention of financial institutions and investors alike. In a recent report, international bank Standard Chartered made bold predictions about Bitcoin’s price trajectory, suggesting that it could reach as high as $50,000 by the end of this year and soar to $120,000 by next year. These projections align with the forecasts from Matrixport, a leading crypto financial services platform, which anticipates Bitcoin’s price to hit $125,000 by 2024. As Bitcoin continues to gain mainstream acceptance, investors are eagerly monitoring its price movements and the factors driving its growth.

Bitcoin’s Potential Bull Run:

Matrixport’s head of research and strategy, Markus Thielen, highlighted the historical patterns of Bitcoin’s bull markets, stating that there is a 100% probability of another massive bull market by the end of 2024, with a target price of $125,000. This represents a significant increase of 310% from the current levels. Thielen’s confidence in Bitcoin’s future performance is grounded in the cyclical nature of the cryptocurrency’s market, which has seen repeated periods of exponential growth followed by corrections.

The Role of Bitcoin Miners:

Standard Chartered emphasizes the potential role of Bitcoin miners in driving the upward price movement. Geoff Kendrick, an FX analyst at the bank, suggests that the increased profitability of Bitcoin mining reduces the pressure on miners to sell their holdings, leading to a decrease in the net supply of Bitcoin and pushing its price higher. This theory aligns with the recent financial health of Bitcoin miners, who have shown resilience in the face of market challenges. Miners who sold their Bitcoin this year aimed to capitalize on the recent price surge, resulting in a year-to-date growth of over 70% for BTC, according to CryptoSlate’s data.

Institutional Interest in Bitcoin:

In addition to miners, traditional financial institutions are expected to contribute to Bitcoin’s price movement. The cryptocurrency market has witnessed a surge in interest from legacy institutions, with several spot Bitcoin ETF applications being submitted following BlackRock’s application. This increased interest from institutional investors signals a growing acceptance and recognition of Bitcoin as a legitimate asset class. CoinShares, a digital asset investment firm, also reports three consecutive weeks of inflows into cryptocurrency exchange-traded products (ETPs), further indicating the rising institutional demand for Bitcoin.

Bitcoin’s Current Market Performance:

The positive market sentiments and growing institutional interest have propelled Bitcoin to reach a yearly high of $31,500 before undergoing a slight retracement to its current level of $30,279 at the time of writing. As investors and analysts closely monitor Bitcoin’s price movements, the cryptocurrency’s future trajectory remains an area of great interest and speculation.

Conclusion:

Bitcoin’s potential for growth continues to captivate the attention of financial institutions and investors. The predictions made by Standard Chartered and Matrixport highlight the optimism surrounding Bitcoin’s future price trajectory, with projections ranging from $50,000 by the end of this year to $125,000 by 2024. The role of Bitcoin miners, institutional interest, and historical market patterns all contribute to the growing confidence in Bitcoin’s long-term potential. As the cryptocurrency market evolves, investors are eagerly awaiting the unfolding of these predictions and closely monitoring the various factors that could influence Bitcoin’s future performance.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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