Bitcoin Price Prediction According to Standard Chartered: Bitcoin Could Hit $120,000 in 2024 – Time to Buy?

Leading cryptocurrency Bitcoin (BTC) has maintained its uptrend and remains well above the $30,000 level.

The surge in Bitcoin value can be attributed to a variety of factors, including positive forecasts, increasing institutional acceptance, greater adoption by mainstream financial institutions, and a favorable regulatory environment in several countries.

It is worth noting that Standard Chartered recently made a remarkable prediction that Bitcoin could reach an impressive $120,000 by 2025.

This optimistic forecast has had a positive impact on BTC’s price and could contribute to Bitcoin’s continued uptrend going forward.

Standard Chartered predicts Bitcoin price of $120,000 by 2024 as miners hold on to newly minted coins

Standard Chartered, a well-known bank, has revised its long-term Bitcoin price prediction, predicting a potential value of $120,000 by the end of 2024.

This adjustment comes as the bank recognizes the possibility that bitcoin miners, who play a crucial role in supporting the bitcoin network, might choose to keep a larger portion of the newly generated coins for themselves.

According to Standard Chartered, if miners scale back their selling activity and keep more coins, it could impact Bitcoin’s supply and demand dynamics.

By keeping a larger share of coins, miners can better cover their expenses, potentially reducing the overall supply of Bitcoin in the market.

The bank estimates that this change in behavior could lead to an annual drop of around 250,000 BTC. With a lower supply and a possible increase in demand, the value of Bitcoin could increase significantly.

Factors driving Standard Chartered’s optimism about Bitcoin’s future value

Standard Chartered’s optimism about Bitcoin’s future value is based on several factors, including greater profitability for miners and the upcoming “halving” event.

The bank anticipates that as Bitcoin price rises, miners will tend to hold on to a larger portion of the newly minted coins, which will further limit the daily supply available in the market.

In addition, the regular halving event reduces the number of new bitcoins that can be mined.

Taking these factors into account, Standard Chartered predicts a sustained long-term rise in the Bitcoin price.

Bitcoin Price Prediction

The cryptocurrency Bitcoin is currently showing an upward trend in the market. The price is $30,380 and the 24-hour trading volume is $14,939,415,243.

Bitcoin has seen notable growth over the past day, posting a 0.41% gain.

Although bitcoin is facing resistance around the $31,000 level, it manages to hold a position just above it, more specifically around the $31,050 level.

Resistance is evident near $31,350 and a successful break above this level can propel bitcoin price towards the next target around $32,500 or possibly even higher around $34,150.

Bitcoin price chart – Source: Tradingview

Bitcoin also has immediate support levels to consider on the downside, with potential support around $30,300 or possibly around $29,650.

A clear break below $29,650 could result in a drop towards $28,650 or even lower towards $27,900.

Therefore, it is important to closely monitor the $31,000 level as it can serve as a key indicator of a potential Bitcoin buying opportunity.

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Cryptocurrency Price Tracker – Source: Cryptonews

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