Bitcoin could hit $120,000 by the end of 2024: Standard Chartered

2023-7-11 23:52

Standard Chartered analyst sees another 60% upside in Bitcoin this year. Geoff Kendrick explained his bullish view on BTC in a research note today. Bitcoin is already up a whopping 85% since the start of the year 2023.

The massive rally in Bitcoin since the start of this year is just a drop in the bucket compared to where it’s headed, as per a Standard Chartered analyst.

BTC could climb another 60% this year

On Monday, Geoff Kendrick said the world’s largest cryptocurrency could climb further to $50,000 by the end of 2023 which suggests another 60% upside from here.

The analyst is convinced that a continued increase in the price of BTC will make it rewarding for miners to stock huge amounts of it. Reduced net supply, in return, will help the cryptocurrency reach for the skies, he added.

If BTC rises [as] we expect by end-2023, share of newly mined being sold should fall to 20%-30%. That’s a net annual reduction in selling of BTC 250,000.

Bitcoin supply is set to halve next year

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

The Standard Chartered analyst sees several other factors helping unlock significant upside in BTC next year. One of them is the recent banking crisis. Earlier this year, he had forecast Bitcoin at $100,000 by the end of 2024. In a note today, though, Kendrick said:

We now think this estimate is too conservative, and we, therefore, see a 20% upside to our end-2024 target.

That essentially means Bitcoin could hit $120,000 next year. The cryptocurrency is expected to benefit if the Securities and Exchange Commission greenlights a Spot Bitcoin ETF that many asset managers, including BlackRock, have recently filed for.

The post Bitcoin could hit $120,000 by the end of 2024: Standard Chartered appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 70051.63 (+0.13%)
Объем 24H $45.149b
Изменеия 24h: 3.04 %, 7d: -4.01 %
Cегодня L: $66916.68 - H: $70339.13
Капитализация $1385.456b Rank 1
Цена в час новости $ 30456.63 (130%)

bitcoin standard chartered year research note today

bitcoin standard → Результатов: 126


Фото:

Twitter Doesn’t Intend to Enter Cryptocurrency Contest with Facebook and Telegram

Jack Dorsey, CEO of Twitter and Square, has confirmed that Twitter has no plans of rivaling Facebook and Telegram with a token offering of their own, as per Forbes, September 9, 2019. Square will focus on bettering their Bitcoin-based offerings as Dorsey believes that an open internet standard like Bitcoin is much more beneficial andRead MoreRead More.

2019-9-9 17:00


Фото:

Thai Government to Integrate DLT, A.I and Emerging Technologies into the Digital Economy

In a bid to improve the income, quality of life, and competitiveness of ordinary people in the society, Thailand’s Digital Economy and Society Ministry (DE)  intends to use innovative technologies like blockchain in developing mobile applications and e-commerce solutions over the next three months, reports Bangkok Post on August 11, 2019.

2019-8-12 09:00


Фото:

Standard Chartered Bank Issues First DLT-Powered Letter of Credit

In a press release on August 7, 2019, U. K. -based Standard Chartered Bank, revealed it had successfully executed a pilot of the first cross-border Letter of Credit (LC) on blockchain for companies in the oil industry, including PTT Group, a Thailand state-run oil and gas company, PTT International Trading Pte Ltd, and IRPC Public Company LimitedRead MoreRead More.

2019-8-8 13:00


Фото:

Bitcoin Market Dominance Is Actually Over 75%: Ex Google Exec

Bitcoin in fact accounts for a much larger proportion of the overall cryptocurrency market, a former Google and Facebook executive has claimed. Bitcoin Market Dominance Has Long Been over 60% Presenting new figures on social media August 6, Avichal Garg, who now runs cryptocurrency asset management firm Electric Capital, said standard methods for measuring Bitcoin’s dominance were flawed.

2019-8-6 13:00


Фото:

Стоит ли инвестировать только в Биткоин?

Автор книги The Bitcoin Standard и известный криптоаналитик Сайфиддин Аммос считает инвестирование в Биткоин «игрой с нулевой суммой». По его словам, все, кто не хочет вкладывать свои деньги в главную криптовалюту, проиграют.

2019-7-24 20:00


Bitcoin [BTC]: #DropGold campaign gets called out for being ‘Bitcoin cartel’

The Bitcoin [BTC] ecosystem has seen a resurgence of sorts recently, with multiple price fluctuations in the cryptocurrency field being spearheaded by the world’s largest cryptocurrency. Several movements and campaigns were launched to spread the message that Bitcoin is a thing of the future, along with its benefits over the standard ‘store of value,’ Gold.

2019-6-11 11:00


Автор The Bitcoin Standard: За 10 лет биткоин вырос на 18 000 000%, чего не смог добиться какой-либо актив или криптовалюта

В интервью немецкому финансовому журналу Boerse Online Сайдифан Аммус, автор книги The Bitcoin Standard, отметил, что «мы пока не можем точно сказать, угрожают ли биткоину правительства», когда его спросили о потенциальном влиянии регуляторов на использование криптовалюты, добавив, что из-за глобального характера биткоина какое-то отдельное правительство не сможет его полностью запретить. Аммоус упомянул несколько наиболее частых […]

2019-6-4 15:22


Фото:

Saifedean Ammous: It’s ‘Not Certain’ That Bitcoin Is Government-Proof

Bitcoin is not free from the threat of government interference, ‘The Bitcoin Standard’ author Saifedean Ammous warned mainstream media this week. Ammous: BTC Up 18 Million Percent Speaking in an interview with German finance magazine Boerse Online, Ammous, who is well known as one of the biggest active Bitcoin bulls, said that despite being technically unstoppable, Bitcoin still faces its enemies.

2019-6-3 17:00