Bitcoin Price Prediction 2024 Standard Chartered Analyst
  • Analysts at Standard Chartered expect Bitcoin to rise another 60% this year.
  • Jeff Kendrick explains his bullish view on BTC in today’s research note.
  • Bitcoin has already seen a massive 85% gain since the beginning of 2023.

According to analysts at Standard Chartered, Bitcoin’s massive rally since the beginning of the year is just a drop in the coin’s future direction.

BTC Could Rise Another 60% This Year

On Monday, Jeff Kendrick said the world’s largest cryptocurrency could rise further to $50,000 by the end of 2023, and could climb another 60% from there.

Analysts believe that the continued rise in the BTC price will make it profitable for miners to stock up on bitcoin in large quantities. He added that a decrease in net supply would instead help the cryptocurrency reach the void.

When BTC rises [as] By the end of 2023, we expect the percentage of newly mined and sold to fall to between 20% and 30%. This would result in a net annual sales decrease of 250,000 BTC.

Bitcoin supply expected to halve next year

Note that the total supply of Bitcoin is expected to halve in April or May of 2024.

Analysts at Standard Chartered believe there are several other factors that could drive BTC’s big rally next of the recent banking crisis. Earlier this year, he expected Bitcoin to reach $100,000 by the end of 2024. However, Kendrick said in a note today:

Currently, we believe this estimate is too conservative, with a 20% overrun to our end-2024 target.

This essentially means Bitcoin could reach $120,000 next year. Cryptocurrencies are expected to benefit if the Securities and Exchange Commission greenlights a spot bitcoin ETF. black rockrecently applied.

By Jules

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