International bank Standard Chartered expects Bitcoin (BTC) price to rise to $50,000 by the end of the year and could reach $120,000 by next year, according to Reuters news agency on July 10. report.
Standard’s chartered forecast is in line with crypto financial services platform Matrixport. Matrixport predicted that the price of BTC will reach $125,000 by 2024. crypto slate July 6th.
Markus Thielen, Head of Research Strategy at Matrixport, said:
“If history is any guide, there is a 100% chance that Bitcoin will experience another major bull market with a target price of $125,000 (+310%) by the end of 2024.”
Standard Chartered Emphasizes Role of Miners
Standard Chartered pointed out the important role BTC miners can play in this potential price move.
According to Jeff Kendrick, one of the bank’s currency analysts, BTC’s price could rise as miners become more profitable and are not under pressure to sell. Kendrick said:
“Increasing miner profitability per BTC (Bitcoin) mined means that sales can be reduced while maintaining cash inflow, resulting in a decrease in net BTC supply and an increase in BTC price. means.”
Last year, BTC miners were one of the groups heavily affected by the record low market conditions that led to the capitulation of several cryptocurrency companies, including FTX.
However, the trend seems to be bucking this year as many of the BTC miners are in good financial standing. Luxor Technologies COO Ethan Vera estimated that miner debt has fallen from a record $8 billion in 2022 to about $4.5 billion to $6 billion.
Most of the miners selling BTC this year were looking to take advantage of the recent price surge to secure a profit.according to of crypto slate Data shows that BTC has increased by more than 70% year-to-date in metrics.
Institutional Interest in BTC Soars
Besides miners, traditional financial institutions may also play an important role in BTC price volatility.
In June, the industry witnessed a flurry of spot BTC ETF applications from traditional financial institutions in the wake of BlackRock’s filing.Additionally, crypto ETPs recorded inflows for the third straight week, according to CoinShares
Since then, positive sentiment has returned to the market, with the flagship digital asset climbing to a year-to-date high of $31,500 before returning to its current level of $30,279 at the time of writing.
An article by Standard Chartered and Matrixport predicting Bitcoin to hit $120,000 next year first appeared on CryptoSlate.