Analysts at Standard Chartered have a strong forecast for Bitcoin.
He expects the BTC price to jump to $120,000 in 2024.
Bitcoin Prices have continued to fluctuate over the past few weeks as investors wait for the next big crypto news and US inflation data. The coin is trading at $30,400 and has remained at that level for the past two weeks. As a result, the Fear and Greed index moved to the neutral point of 56.
Standard Chartered Bullish on Bitcoin
Bitcoin’s price has soared by more than 90% in 2023, meaning it is outperforming popular financial assets such as the Dow Jones and Nasdaq 100. It also performs better than gold and other metals.
Well, despite the recent decline in stock prices, some analysts believe that the Bitcoin price could rise further in the coming months. The two biggest potential catalysts are the potential of Bitcoin ETFs. Analysts believe the SEC will accept one or all of the recent proposals from BlackRock, Invesco and others.
Another potential trigger for Bitcoin would be the halving, which happens next April. Historically, Bitcoin has tended to rally ahead of halvings. We can also see the remarkable performance of the Litecoin price since last July. Litecoin halving takes place in August.
Some analysts are bullish on Bitcoin. The most bullish analyst is Standard Chartered. Two months ago, the analyst said Bitcoin could soar to $100,000 by the end of 2024. The analyst said in a note this week that he believes BTC price could jump to $120,000. Analysts cited ongoing minor activity, saying:
“This equates to reducing the amount of bitcoins miners sell daily from the current 900 bitcoins to just 180-270 bitcoins. to a range of 65,700 to 98,550 BTC, reducing the net BTC supply by about 250,000 BTC annually.”
“If Standard Chartered’s Bitcoin prediction is correct, it means its market cap could reach over $2.3 trillion by the end of 2024, because BTC has a market cap of over $591 billion. “
Altcoins could also skyrocket
If this Bitcoin prediction is correct, other altcoins will do the same.For example, Litecoin or bitcoin cash A resumption of a bullish rally is possible. Litecoin has already surged more than 134% from its 2022 lows. Bitcoin Cash, a hard fork of Bitcoin, has surged more than 100% in the past few weeks.
These coins are doing well due to the upcoming halving event. Litecoin will halve in August and Bitcoin Cash will halve in December. If the SEC accepts his ETF, these coins will also benefit as more companies will be motivated to launch his ETF.
Other cryptocurrencies such as Compound, Solana, Mina. Internet Computers (ICPs) could benefit from the close correlation in the cryptocurrency industry.
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