The increased pressure on the world’s largest cryptocurrency, Bitcoin (BTC), is real. Numerous individuals and entities have placed significant bets on BTC, anticipating its upward trajectory. With several significant events scheduled, there are high expectations for BTC’s price to surge. Standard Chartered has joined the growing chorus by unveiling its own prediction for the future value of Bitcoin.
Standard Chartered recently announced that Bitcoin has the potential to reach $120,000 by the end of 2024. In their earlier forecast from April, the firm predicted a year-end value of $100,000 for Bitcoin, citing the belief that the “crypto winter” had come to an end. However, the firm has revived its outlook once again, projecting that Bitcoin will also hit $50,000 in 2023.
Also Read: CZ Confirms Bitcoin Bull Run Ahead: How Should Investors Prepare?
How will Bitcoin hit $50K this year?
Although this idea is exceptionally bullish for the ecosystem, the critical question revolved around the mechanism or factors that would drive such an outcome. Various elements have the potential to propel the asset to that level, with the growth of the network being a significant factor. BTC not only leads in terms of market capitalization and value but also stands out in network activity. Recent reports indicate a surge in the number of new addresses created within the Bitcoin network, highlighting its continued growth.
Furthermore, the highly anticipated upcoming halving event scheduled for April 2024 is anticipated to have a positive impact on BTC. JPMorgan, in a recent report, stated that retail demand for Bitcoin would surge following the halving. This trend has been observed repeatedly in the past, leading to an increase in the price of Bitcoin. Additionally, several other predictions have been released, suggesting that BTC will reach $48,000 before the halving and an impressive $160,000 after the event.
Also Read: JPMorgan Predicts Strong ‘Retail Demand’ for Bitcoin Leading Up to Halving
Alongside, Standard Chartered believed that miners could also influence this uptrend. The bank’s top FX analyst, Geoff Kendrick stated,
“Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”
Bitcoin’s miner profitability is currently at a low of 0.075. At press time the king coin was trading for $30,259 with a 0.02% daily drop.
