The leading cryptocurrency Bitcoin (BTC)it has maintained its upward trajectory and remains well above the $30,000 level.
The increase in the value of Bitcoin can be attributed to several factors, including positive predictions, increased institutional adoption, increased acceptance among major financial institutions, and favorable regulatory environments in several countries.
It is worth mentioning that Standard Chartered recently made a remarkable prediction, stating that Bitcoin could reach a staggering $120,000 by 2025.
This optimistic forecast has had a positive impact on the BTC price and may contribute to Bitcoin’s continued bullish momentum going forward.
Standard Chartered forecasts a Bitcoin price of $120,000 by 2024 as miners hold on to newly minted coins
Standard Chartered, a prominent bank, has reviewed its Bitcoin price long term forecastprojecting a potential value of $120,000 by the end of 2024.
This adjustment comes as the bank recognizes the possibility that Bitcoin miners, who play a crucial role in supporting the Bitcoin network, may choose to retain a larger share of newly generated coins for themselves.
According standard charterif miners reduce their selling activity and hold more coins, it could affect the supply and demand dynamics of Bitcoin.
By retaining a higher proportion of coins, miners are better able to cover their expenses, which could reduce the overall supply of Bitcoin available on the market.
The bank estimates that this change in behavior could result in an annual decline of approximately 250,000 BTC. With reduced supply and a potential increase in demand, the value of Bitcoin could see a significant increase.
Factors Driving Standard Chartered’s Optimism on the Future Value of Bitcoin
Standard Chartered’s optimism regarding the future value of Bitcoin is based on several factors, including increased profitability for miners and the upcoming “halving” event.
The bank anticipates that as the price of Bitcoin rises, miners will lean towards holding a larger portion of newly minted coins, further limiting the daily supply available on the market.
Also, the halving event, which occurs periodically, reduces the number of new Bitcoins that can be mined.
Taking these factors into account, Standard Chartered predicts a sustained long-term rise in the price of Bitcoin.
Bitcoin Price Prediction
The Bitcoin cryptocurrency is currently exhibiting a bullish market trend, with a price of $30,380 and a significant 24-hour trading volume of $14,939,415,243.
Bitcoin has shown remarkable growth in the past day, seeing a 0.41% gain.
Although Bitcoin is finding resistance around the $31,000 level, it is managing to hold a position just above it, specifically around $31,050.
Resistance is notable near the $31,350 mark, and a successful break above this level can propel Bitcoin price towards the next target at around $32,500, or potentially even higher around $34,150.
Bitcoin also has immediate support levels to consider on the downside, with potential support around $30,300 or possibly around $29,650.
A significant break below the $29,650 level could lead to a fall towards $28,650 or even lower towards $27,900.
As a result, it is essential to closely monitor the $31,000 level, as it can serve as a significant indicator of a possible buying opportunity in Bitcoin.
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