- 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 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, one of the largest banks in the UK, has announced that #Bitcoin could rise to $50,000 by the end of the year.
— CoinOtag EN (@coinotagen) July 10, 2023
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.
