An analyst at Standard Chartered delivered a robust Bitcoin prediction.
He expects BTC price to leap to $120,000 in 2024.
Bitcoin price has continued wavering up to now few weeks as buyers look ahead to the following essential crypto information and US inflation information. The coin was buying and selling at $30,400, the place it has been at up to now two weeks. As a consequence, the worry and greed index has moved to the impartial level of 56.
Standard Chartered is bullish on Bitcoin
Bitcoin price has jumped by greater than 90% in 2023, that means it has outperformed widespread monetary belongings just like the Dow Jones and the Nasdaq 100 indices. It has additionally carried out higher than gold and different metals.
Now, regardless of the current consolidation, some analysts imagine that Bitcoin price has extra upside within the subsequent few months. The two largest potential catalysts are the potential for a Bitcoin ETF. Analysts imagine that the SEC will settle for one or the entire current proposals by corporations like Blackrock and Invesco.
The different potential catalyst for Bitcoin would be the upcoming halving, which can occur in April subsequent yr. Historically, Bitcoin tends to rally forward of the halving occasion. We may take a look at the spectacular efficiency of Litecoin price since July final yr. Litecoin’s halving will occur in August.
Some analysts are bullish about Bitcoin. The most bullish analyst is from Standard Chartered. Two months in the past, the analyst mentioned that Bitcoin might surge to $100,000 by the tip of 2024. In a word this week, the analyst mentioned that he believes that BTC price might bounce to $120,000. The analyst cited the continued miner exercise, saying:
“It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently. Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”
‘If Standard Chartered’s Bitcoin prediction is correct, it implies that its market cap might hit over $2.3 trillion by the tip of 2024. That’s as a result of BTC has a market cap of over $591 billion.
Altcoins might bounce as nicely
If this Bitcoin’s prediction is correct, it implies that different altcoins will do the identical. For instance, widespread proof-of-work cash like Litecoin and Bitcoin Cash might resume their bullish rally. Litecoin has already jumped by over 134% from its 2022 lows. Bitcoin Cash, which is a Bitcoin’s onerous fork, has risen by over 100% up to now few weeks.
These cash are doing nicely due to their upcoming halving occasions. Litecoin will undergo halving in August whereas Bitcoin Cash’s will happen in December. These cash will even profit if the SEC accepts the ETF since extra corporations might be motivated to launch their ETFs.
Other cryptocurrencies like Compound, Solana, Mina. and Internet Computer (ICP) may gain advantage due to the shut correlation that exists within the crypto business.
