- Standard Chartered analyst sees one other 60% upside in Bitcoin this yr.
- Geoff Kendrick defined his bullish view on BTC in a analysis notice in the present day.
- Bitcoin is already up a whopping 85% since the begin of the yr 2023.
The large rally in Bitcoin since the begin of this yr is only a drop in the bucket in comparison with the place it’s headed, as per a Standard Chartered analyst.
BTC could climb one other 60% this yr
On Monday, Geoff Kendrick mentioned the world’s largest cryptocurrency could climb additional to $50,000 by the end of 2023 which suggests one other 60% upside from right here.
The analyst is satisfied {that a} continued enhance in the value of BTC will make it rewarding for miners to inventory enormous quantities of it. Reduced web provide, in return, will assist the cryptocurrency attain for the skies, he added.
If BTC rises [as] we anticipate by end-2023, share of newly mined being bought ought to fall to twenty%-30%. That’s a web annual discount in promoting of BTC 250,000.
Bitcoin provide is about to halve subsequent yr
Note that the complete provide of Bitcoin is scheduled to halve in April or May of 2024.
The Standard Chartered analyst sees a number of different elements serving to unlock important upside in BTC subsequent yr. One of them is the latest banking crisis. Earlier this yr, he had forecast Bitcoin at $100,000 by the end of 2024. In a notice in the present day, although, Kendrick mentioned:
We now assume this estimate is simply too conservative, and we, subsequently, see a 20% upside to our end-2024 goal.
That primarily means Bitcoin could hit $120,000 subsequent yr. The cryptocurrency is anticipated to profit if the Securities and Exchange Commission greenlights a Spot Bitcoin ETF that many asset managers, together with BlackRock, have just lately filed for.
