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HomeNewsWorrisome August Ahead for Bitcoin? Top Analyst's Predictive Insights

Worrisome August Ahead for Bitcoin? Top Analyst’s Predictive Insights

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  • Standard Chartered’s recent report paints an optimistic picture for Bitcoin, anticipating a surge to $120,000 by the end of 2024.
  • The forthcoming Bitcoin halving event in 2024 and potential change in miners’ behaviors could significantly impact Bitcoin’s price trajectory.

As Bitcoin (BTC) meanders around the $30,400 mark, market pundits maintain a bullish stance on this digital asset, particularly in light of the forthcoming Bitcoin halving event scheduled for 2024.

Banking Behemoth Foresees Bitcoin Boom

Standard Chartered, a global banking juggernaut, recently unveiled an optimistic prediction for Bitcoin’s value trajectory through 2023 and beyond. The bank’s report suggests Bitcoin’s price could hit $50,000 by the close of 2023, ultimately soaring to $120,000 by 2024’s end. Earlier this year, Standard Chartered declared the crypto winter’s demise, forecasting a BTC price of $100,000 by 2024. Based on this new analysis, they’ve now amplified this target by a further 20%.

The current Bitcoin price ascension is expected to encourage miners to hoard more of their mined Bitcoins, effectively reducing the number available for trading. This supply reduction could trigger a bullish price pressure on Bitcoin. Standard Chartered’s FX analyst Geoff Kendrick observes that miners, instead of selling all their freshly minted coins, might reduce their sale to just 20-30% of their hoard if Bitcoin’s price reaches $50,000. This shift could effectively reduce the annual Bitcoin supply by about 250,000.

Bitcoin Halving 2024: A Game Changer?

As the Bitcoin community braces for the anticipated 2024 halving event, historical trends suggest that miners could stockpile Bitcoins, expecting a significant price appreciation following the halving.

During a halving event, the Bitcoin generation rate per block is halved, reducing the influx of new coins into the market. As we currently stand, miners are rewarded with 6.5 BTC per block. Post-halving, this reward will be slashed to 3.25 BTC, resulting in a daily minting of roughly 450 BTC.

Historically, Bitcoin’s price has reached its nadir approximately 517 to 547 days before a halving event. This trend seems to be reflected in the recent Bitcoin market bottom observed on November 19. Following previous halving cycles, Bitcoin’s price has continued to appreciate as the halving event draws nearer.

Hence, as we anticipate Bitcoin’s journey towards a potential $120,000 peak, it’s crucial to consider these strategic elements – miner behavior, upcoming halving events, and past trends. After all, understanding these facets may well be the key to navigating the volatile seas of cryptocurrency investment.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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