Standard Chartered Bank has revised its initial forecast of $100,000 Bitcoin price by the end of 2024 as the scare phase has passed in 2022. Now, the bank predicts that Bitcoin price could reach $50,000 by the end of this year and surpass $120,000 by next year. This bullish projection comes as bank analysts expect an increase in Bitcoin holdings by miners.
Standard Chartered Bank predicts that Bitcoin may reach $50,000 this year and $120,000 by the end of 2024. The bank predicts that rising BTC prices could encourage bitcoin miners to hold more Bitcoin supply.
Previously, the bank predicted the price of Bitcoin to reach $100,000 by the end of 2024. However, the bank's top foreign exchange analyst Geoff Kendrick said there was a 20% increase to the initial forecast due to Bitcoin miners holding more BTC.
Further strengthening the confidence of the inflow of crypto assets for three consecutive weeks and the monthly MACD turning green indicates a positive outlook for the price of Bitcoin. Crypto asset investment products saw net inflows of $136 million last week.
BTC price is currently trading at $30277 in the last 24 hours.
Although miners are ready to hold more BTC, the difficulty of bitcoin mining remains challenging. On-chain data platform Glassnode reports that the Bitcoin Hash Rate (7DMA) continues to move in the opposite direction, reaching an ATH value of 395 EH/s. This equates to 395 quintillion guesses per second in an attempt to solve a Block.
