“Bitcoin to $120k” – Standard Chartered Bank
TL;DR
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Boring information: of late, Bitcoin has been comparatively flat, hovering round $30k.
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Thrilling information: a report was simply printed by Normal Chartered Financial institution that tasks a (potential) $50k BTC by the top of 2023 and $120k by the top of 2024!
Full Story
Alright, time for our bi-weekly (ish) examine in with Bitcoin…
We’re breaking this one into two components, titled as follows:
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Honk-shoo-mimimi (the boring stuff 😴)
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Hopium (the thrilling stuff 🫨)
Honk-shoo-mimimi (that is the place we’re proper now).
Of late, the story of Bitcoin has gone just a little one thing like this:
→ There was a complete bunch of pleasure round a possible US based mostly Bitcoin Alternate Traded Fund (ETF).
→ This sort of fund would doubtless see billions of {dollars} movement into Bitcoin. Because of this, Bitcoin rocketed up from ~$26k to ~$31k.
→ However then, the Federal Reserve introduced it would be mountaineering rates of interest once more, and BTC fell again down to carry at round $30k.
Which is the place we’re at at the moment.
Now, time on your promised dose of hopium.
On Monday, a analysis report was printed by Normal Chartered Financial institution…and get this:
It projected that Bitcoin may rise to $50,000 by the top of this 12 months and as much as $120,000 by the top of 2024!
What’re they basing this idea off?
Miner profitability. The pondering being:
Miners (the oldsters accountable for processing BTC transactions) are making extra money from transaction charges than ever!
Which implies they do not must promote as a lot Bitcoin to cowl their working prices.
And the extra Bitcoin they maintain for themselves → the much less BTC enters the open market → the extra scarce it turns into → the upper the value climbs.
(That is the concept no less than).
Now, let’s mild a candle and pray to the crypto gods that it is confirmed true in time.
