Multinational banking and financial services firm, Standard Chartered stated that the price of bitcoin (BTC) could rise to $50,000 this year and exceed $120,000 by the end of 2024.
The firm predicted in April that BTC would reach $100,000 by the end of 2024, by which time the “crypto winter,” as the period when the cryptocurrency market enters a downtrend, would be over.
Now, Geoff Kendrick, one of the firm’s top currency analysts, raised the firm’s forecast by 20% and revealed that they expect bitcoin to reach a price of $120,000 by December next year.
This increase was linked to higher miner profitability per BTC, which “means they can sell less while maintaining cash inflows.”
According to Kendrick, this will reduce the net supply of bitcoin and increase the price of the cryptocurrency, he revealed in an interview with Reuters.
Bitcoin price to fall in the short term
Analyst Willy Woo recently indicated that he believes bitcoin is in the “early stages of another price decline,” suggesting that the value of the cryptocurrency could increase in the near future.
Price action has largely been dominated by demand stemming from the calendar futures markets, the instrument of pros and institutions.
Even now, demand keeps surging, suggesting we are in the early stages of another price squeeze. pic.twitter.com/04SM6yhvr5
— Willy Woo (@woonomic) July 4, 2023
Woo’s remarks come as major financial powerhouses, which collectively manage some $27 billion in assets, are making inroads into the bitcoin and cryptocurrency market, following the start of the race to list the first bitcoin exchange-traded fund (ETF) in the United States.
Financial giants including BlackRock, Fidelity, JP Morgan, Morgan Stanley, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco and Bank of America are “actively working to provide access to bitcoin and more,” according to CoinShares chief strategy officer Meltem Demirors.
1/ last week's @BlackRock spot Bitcoin ETF filing was big news!
but, it's not the only story. many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.
a quick glance – $27 trillion of client assets here! pic.twitter.com/azmHZmUL2a
— Meltem Demirors (@Melt_Dem) June 26, 2023
Last June 16, BlackRock, the world’s largest asset manager, made the application to launch BTC exchange-traded funds (ETFs).
Conclusion
According to Standard Chartered, the price of Bitcoin (BTC) has the potential to reach $50,000 by the end of this year and could surge to $120,000 by 2024. These predictions indicate a significant bullish sentiment towards the cryptocurrency in the coming years.
However, it’s important to note that the crypto market is highly volatile and subject to various factors that can influence its price. Investors and enthusiasts should exercise caution and conduct thorough research before making any investment decisions.
FAQs
Who made these price predictions for Bitcoin?
The price predictions of Bitcoin were made by Standard Chartered, a multinational banking and financial services company.
How reliable are these predictions?
The reliability of these predictions depends on various factors, including market conditions, regulatory changes, and other external events. While Standard Chartered is a reputable institution, it’s important to remember that predicting the future price of cryptocurrencies is highly speculative and can be subject to significant fluctuations.
What factors could influence the price of Bitcoin?
Several factors can influence the price of Bitcoin, including market demand, investor sentiment, macroeconomic conditions, regulatory developments, technological advancements, and geopolitical events. It’s essential to consider a comprehensive range of factors when analyzing the cryptocurrency market.
Is investing in Bitcoin a guaranteed way to make money?
Investing in Bitcoin or any other cryptocurrency carries inherent risks. While some investors have made significant profits, others have experienced losses. It’s crucial to understand that the cryptocurrency market is highly volatile and can be subject to sudden price swings. It’s advisable to seek professional financial advice and conduct thorough research before making any investment decisions.
Should I invest in Bitcoin based on these predictions?
Investment decisions should not be based solely on a single prediction or source. It’s recommended to consider a diverse range of perspectives, conduct thorough research, and assess your own risk tolerance before making any investment decisions. Consulting with a financial advisor can provide valuable insights tailored to your specific circumstances.
What other factors should I consider before investing in Bitcoin?
Before investing in Bitcoin, it’s important to consider factors such as your financial goals, investment horizon, risk tolerance, regulatory environment, and market conditions. Additionally, educating yourself about blockchain technology, understanding the basics of cryptocurrency, and keeping up with the latest news and developments in the industry can be beneficial.
What factors contribute to Bitcoin’s price volatility?
Bitcoin’s price is influenced by various factors, including market demand, regulatory developments, investor sentiment, technological advancements, macroeconomic conditions, and geopolitical events. These factors collectively contribute to the volatility experienced in the cryptocurrency market.
How can I stay updated on Bitcoin’s price movements?
To stay informed about Bitcoin’s price movements, you can utilize cryptocurrency tracking websites, subscribe to reputable financial news outlets, follow influential analysts on social media, and join online communities dedicated to cryptocurrencies.
Is Bitcoin the sole cryptocurrency worth considering?
Bitcoin holds the distinction of being the most well-known and established cryptocurrency. However, the cryptocurrency market offers a diverse array of alternative coins (altcoins) with unique features and potential. It is advisable to explore different cryptocurrencies, understand their underlying technology and use cases before making investment decisions.
How can I securely store my Bitcoin investment?
To safeguard your Bitcoin investment, consider utilizing a reputable cryptocurrency wallet. Hardware wallets such as Ledger or Trezor provide enhanced security by storing your Bitcoin offline. Additionally, ensure the implementation of strong passwords, enable two-factor authentication, and exercise caution while interacting with unknown or suspicious platforms.
DISCLAIMER
This announcement is not directed at investors or potential investors and does not constitute an offer to sell or a solicitation of an offer to buy any securities. It should not be used or relied upon to evaluate the merits of any investment.
Any projections, estimates, forecasts, targets, prospects, and opinions expressed in this release are subject to change without notice. The contents herein should not be construed as or relied upon as investment, legal, tax, or other advice.
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