The growing pressure on Bitcoin (BTC), the biggest cryptocurrency in the world, is actual. Many people and organizations have made large investments on BTC in anticipation of its upward trend. There are many important events planned, thus there is a lot of anticipation that the price of BTC will increase. By releasing its own forecast for the value of Bitcoin in the future, Standard Chartered has added its voice to the chorus.
According to a recent statement from Standard Chartered, Bitcoin may hit $120,000 by the end of 2024. The company previously forecasted in April that Bitcoin would conclude the year with a value of $100,000, using the notion that the “crypto winter” had passed. The company has now revised its forecast and now predicts that Bitcoin will likewise reach $50,000 in 2023.
Will Bitcoin reach $50,000 this year?
Although the environment would benefit greatly from this theory, the crucial question was what process or variables would cause such an outcome. The asset may reach that level as a result of a number of factors, with network expansion playing a major role. BTC stands out in network activity in addition to being the market leader in terms of value and market capitalization. According to recent reports, a lot more new addresses are being created on the Bitcoin network, demonstrating this network’s continuous expansion.
Furthermore, it is believed that BTC would benefit from the eagerly awaited impending halving event slated for April 2024. In a recent analysis, JPMorgan predicted that after the halving, retail demand for Bitcoin will soar. The price of Bitcoin has risen as a result of this tendency, which has been seen repeatedly in the past. A number of other forecasts have also been made, which indicate that BTC will hit $48,000 before the halving and an astonishing $160,000 after it.
Standard Chartered also thought that miners might have an impact on this upward trend. Geoff Kendrick, the bank’s top FX analyst, said:
“Increased miner profitability per BTC mined means that they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”
The profitability of Bitcoin miners is currently at a low of 0.07. The price of the king coin was $30,259 at the time of publication, down 0.02% for the day.
