Bitcoin supply shock will drive BTC price to $120,000 - Standard Chartered
Bitcoin miners will hoard BTC and drive prices up in the process, with BTC price set to hit $50,000 this year as a result .
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Bitcoin (BTC) is expected to hit $50,000 this year and hit all-time highs in 2024, according to Standard Chartered.
In a report cited by media including Reuters on July 10, the banking giant publicly announced a recovery in the price of BTC.
Standard Chartered vs BTC price 2023: From $5,000 to $50,000Following the seismic shifts in the institutional approach to Bitcoin in the United States, the mainstream discourse around the biggest cryptocurrency is rapidly changing.
Standard Chartered, which last year forecast the price of BTC to fall to $5,000, now thinks it will end the year ten times higher.
BTC/USD is expected to reach $50,000 in 2023, according to the forecast of global head of research and chief strategist, Geoff Kendrick.
Thereafter, Bitcoin is expected to rise to $120,000 by the end of next year.
According to Kendrick, the reason lies in supply dynamics. As miners devote more and more resources to preserving the network, they are also selling less BTC, creating an imbalance between supply and demand that will tip in favor of the bulls.
"Increasing miners' profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing the net supply of BTC, and driving up BTC prices" , indicates the ratio.
Standard Chartered is already active in the crypto space, with its crypto custody platform...
Bitcoin miners will hoard BTC and drive prices up in the process, with BTC price set to hit $50,000 this year as a result .
Market news
Join us on social networks
Bitcoin (BTC) is expected to hit $50,000 this year and hit all-time highs in 2024, according to Standard Chartered.
In a report cited by media including Reuters on July 10, the banking giant publicly announced a recovery in the price of BTC.
Standard Chartered vs BTC price 2023: From $5,000 to $50,000Following the seismic shifts in the institutional approach to Bitcoin in the United States, the mainstream discourse around the biggest cryptocurrency is rapidly changing.
Standard Chartered, which last year forecast the price of BTC to fall to $5,000, now thinks it will end the year ten times higher.
BTC/USD is expected to reach $50,000 in 2023, according to the forecast of global head of research and chief strategist, Geoff Kendrick.
Thereafter, Bitcoin is expected to rise to $120,000 by the end of next year.
According to Kendrick, the reason lies in supply dynamics. As miners devote more and more resources to preserving the network, they are also selling less BTC, creating an imbalance between supply and demand that will tip in favor of the bulls.
"Increasing miners' profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing the net supply of BTC, and driving up BTC prices" , indicates the ratio.
Standard Chartered is already active in the crypto space, with its crypto custody platform...
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