Standard Chartered, a major British multinational bank, has made some bold predictions about Bitcoin (BTC). As the news spread, major news outlets such as Reuters and Bloomberg eagerly reported on the bank’s bold predictions. BTC could reach $50,000 by the end of this year and $120,000 by 2024, so buckle up.
$120,000 by the end of 2024? Hype or reality?
Standard Chartered analysts built their bullish view on a compelling premise. They believe that the rising price of Bitcoin could serve as a catalyst for Bitcoin miners to take a strategic approach and accumulate a larger share of the coins they raise. This claim not only underscores the bank’s confidence in Bitcoin’s future, but also suggests a potential change in the behavior of those running the cryptocurrency ecosystem.
Building on their previous analysis from April this year, Standard Chartered boldly declared an end to the infamous “crypto winter” in their Bitcoin forecast for 2022. This earlier prediction appears to have laid the foundation for Bitcoin’s current bullish stance. the bank, further reinforcing the sense of optimism surrounding Bitcoin’s future.
While Bitcoin’s performance throughout the year has been nothing short of outstanding. Outpacing the Nasdaq Composite Index, the digital currency jumped 83%, leaving traditional markets in its wake. Such phenomenal growth has not gone unnoticed, sparking renewed interest and leading to the creation of new bitcoin wallets.
Navigate the bumps
Senior Crypto Analyst Ali Martinez has kept a watchful eye on the cryptocurrency landscape, and recent sightings have fueled excitement. Martinez notes a significant increase in the number of newly created Bitcoin wallets, hinting at a potential game-changer. If this trend continues and wallet growth remains stable, it could trigger substantial price spikes, amplifying the appeal of Bitcoin’s future trajectory.
However, a seasoned analyst Michael van de Poppe provides a balanced outlook by suggesting that Bitcoin may undergo a temporary correction before resuming its upward trajectory. Van de Poppe advises caution, noting the possibility that Bitcoin will seek lower price levels to generate liquidity. While this caveat may temper some of the excitement, it underscores the well-known volatility inherent in the cryptocurrency market.
Currently, Bitcoin is trading at $30,153, seeing a slight decline from its recent high above the $31,000 mark. Nonetheless, market participants remain enthralled, eagerly watching Bitcoin’s performance as the digital currency’s potential ascent unfolds.
