Standard Chartered, one of the world’s biggest banks, has recently joined the list of Bitcoin (BTC) predictors.
As reported by Reuters, Standard Chartered Bank predicted that Bitcoin (BTC), the largest cryptocurrency by market cap, could reach $50,000 by the end of 2023 and $120,000 by the end of 2024. According to the prominent bank, the recent surge in its price can make miners hoard more of its supply.
Read Also: What Does It Mean to Burn Crypto? Bitcoin Halving the Case-Study
Back in April, the bank predicted $100,000 per Bitcoin by the end of 2024, citing the end of crypto winter, but one of the bank’s top FX analysts, Geoff Kendrick, said the latest call is now $120,000.
Kendrick stated in a report, “Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”
Although Bitcoin has gained 80% since the start of the year, it’s still very far from its price all-time high 0f $69,000 attained in November 2021.
Explaining the reason for the whopping prediction, Kendrick said miners have recently been selling 100% of their coins. If the price hits $50,000 though, they would probably only sell 20-30%.
Kendrick noted:
“It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently…
“Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”
Read Also: Top Analyst Predicts 65% Explosion in Bitcoin (BTC) Price. Here’s the Timeline
Bitcoin Halving To Happen in Less Than a Year
By April or May 2024, the usual event that plays out on the Bitcoin network every four will occur again. During the event known as halving, the total number of BTC able to be mined each day will be set to halve due to an inbuilt supply and issuance mechanism that limits supply bit by bit to maintain its appeal.
Historically, post-halving usually aids the rise in the price of Bitcoin (BTC). After 2020 halving, BTC broke above $20,000 to set a new all-time high of $69,000. No one knows how high the cryptocurrency could rise after 2024 halving, but it’s expected to follow the same bullish path.
Follow us on Twitter, Facebook, Telegram, and Google News
