Bitcoin Price Prediction as Standard Chartered Says Bitcoin Could Rise to $120,000 in 2024 – Time to Buy?
The leading cryptocurrency, Bitcoin (BTC), has maintained its upward trajectory and remains well above the $30,000 level.
The surge in Bitcoin's value can be attributed to various factors, including positive predictions, increased institutional adoption, greater acceptance among mainstream financial institutions, and favorable regulatory environments in several countries.
It is worth mentioning that Standard Chartered recently made a noteworthy prediction, stating that Bitcoin could reach an impressive $120,000 by 2025.
This optimistic forecast has positively impacted the price of BTC, and it may contribute to the continued upward momentum of Bitcoin in the future.
Standard Chartered, a prominent bank, has revised its long-term Bitcoin price forecast, projecting a potential value of $120,000 by the end of 2024.
This adjustment comes as the bank acknowledges the possibility that Bitcoin miners, who play a crucial role in supporting the Bitcoin network, may opt to retain a larger portion of newly generated coins for themselves.
According to Standard Chartered, if miners reduce their selling activity and hold onto more coins, it could impact the supply and demand dynamics of Bitcoin.
By retaining a greater share of coins, miners can better cover their expenses, potentially reducing the overall supply of Bitcoin available in the market.
The bank estimates that this behavior change could result in a yearly decrease of approximately 250,000 BTC. With a reduced supply and potential increase in demand, Bitcoin's value could experience a significant surge.
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.
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