spot_imgspot_imgspot_img

Banking Giant Standard Chartered Reveals Bitcoin Price Forecast

  • Standard Chartered Bank, the largest 5th bank in the United Kingdom, stated that the crypto winter has ended.
  • In April, Standard Chartered predicted that the crypto winter would end and that the price of Bitcoin would reach $100,000 by the end of 2024.
  • The BTC price is currently trading at $30,250 and has been flat in the last 24 hours.

Standard Chartered Bank, the UK-based banking giant, has revealed its latest price predictions for Bitcoin.

Banking Giant Reveals Bitcoin Predictions

standard-chartered

Standard Chartered Bank, the largest 5th bank in the United Kingdom, has revised its previous prediction of a $100,000 Bitcoin price by the end of 2024, stating that the crypto winter has ended. The bank now predicts that the price of Bitcoin could reach $50,000 by the end of this year and surpass $120,000 next year. This upward prediction is based on the bank’s analysts expecting Bitcoin miners to accumulate more Bitcoin.

Standard Chartered Bank, with $800 billion in assets, anticipates that rising BTC prices could incentivize Bitcoin miners to accumulate more Bitcoin.

In April, Standard Chartered predicted that the crypto winter would end and that the price of Bitcoin would reach $100,000 by the end of 2024. However, the bank’s chief currency analyst, Geoff Kendrick, stated that there could be a 20% increase in the previous prediction due to Bitcoin miners holding more BTC, and Kendrick said the following;

“The increasing profitability of Bitcoin mining means that miners can reduce sales while maintaining cash flow, which can reduce the net supply of Bitcoin and increase its price.”

In fact, three weeks of crypto asset inflows and the monthly MACD turning green indicate a positive outlook for the price of Bitcoin. Last week, crypto asset investment products saw a net inflow of $136 million.

The BTC price is currently trading at $30,250 and has been flat in the last 24 hours. However, the trading volume has increased by 30% in the last 24 hours, indicating interest among traders.

Bitcoin Hash Rate Reaches ATH

As miners prepare to hold more BTC, Bitcoin mining difficulty is still facing challenges. On-chain data platform Glassnode reported that the Bitcoin Hash Rate (7DMA) has reached an all-time high of 395 EH/s (exahashes per second), continuing its upward trend. This means that there are approximately 395 quintillion attempts to solve a Block every second.

The United States is the largest crypto and Bitcoin mining country globally. While Bitcoin mining requires more electricity, the transition to renewable energy sources has opened the door to climate change measures by using resources such as methane gas emissions.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

This article explores the remarkable achievement of BlackRock's iShares Bitcoin Trust (IBIT) reaching $10 billion in assets under management (AUM), reflecting growing institutional interest and trust in cryptocurrency investments.

Bitcoin Futures Open Interest Hits Record High, Signaling Strong Market Sentiment

This article delves into the recent surge in Bitcoin futures open interest, showcasing increased market activity and the implications of speculative buying on price movements.

Bitcoin Enters Bull Market with Predictions of 10-Month ‘Face Melting FOMO,’ Says Analyst PlanB

This article explores the latest Bitcoin bull market forecast by analyst PlanB, the implications of the stock-to-flow model, and the role of new Bitcoin ETFs in shaping investor interest and market dynamics.

Bitcoin Eyes $70,000 Milestone: Bloomberg’s McGlone Predicts Shift from Gold to Crypto

As Bitcoin approaches the $70,000 mark, Bloomberg's Mike McGlone forecasts a pivotal transition in investment from gold to cryptocurrency, signaling a transformative phase in asset allocation.

Can XRP Price Reach $1? Noted Analyst Reveals Prediction!

Ripple's XRP token is trading below $0.60; what will be the next target for the XRP token? Current predictions!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

This article explores the remarkable achievement of BlackRock's iShares Bitcoin Trust (IBIT) reaching $10 billion in assets under management (AUM), reflecting growing institutional interest and trust in cryptocurrency investments.

Bitcoin Futures Open Interest Hits Record High, Signaling Strong Market Sentiment

This article delves into the recent surge in Bitcoin futures open interest, showcasing increased market activity and the implications of speculative buying on price movements.

Bitcoin Enters Bull Market with Predictions of 10-Month ‘Face Melting FOMO,’ Says Analyst PlanB

This article explores the latest Bitcoin bull market forecast by analyst PlanB, the implications of the stock-to-flow model, and the role of new Bitcoin ETFs in shaping investor interest and market dynamics.