According to leading financial company Standard Chartered, Bitcoin (BTC) might undergo a stunning boom, hitting $50,000 this year and skyrocketing to an astonishing $120,000 by the end of 2024. This year has already seen a number of predictions that the cryptocurrency market is now in the “Great Accumulation,” the period just before a bull run.
Standard Chartered has been under pressure from the Hong Kong Monetary Authority (HKMA) to begin providing services to cryptocurrency firms in Hong Kong. Licensed exchanges in Hong Kong will be restricted by the HKMA’s new rule to listing only Bitcoin, Ethereum, and Cardano. Back in April, when the so-called “crypto winter” was said to be over, Standard Chartered issued a prediction that Bitcoin’s value would reach $100,000 by the end of 2024.
According to Standard Chartered, the reason for its expected price increase is that miners who mint 900 new bitcoins every day throughout the globe will eventually need to sell fewer to meet their expenses, mostly the energy used to run their supercomputers.
During previous bitcoin rallies, predictions of very high prices were prevalent. In November 2020, a Citi analyst predicted that bitcoin’s value may reach $318,000 by the end of 2022. Last year, it dropped by roughly 65%, closing at about $16,500.
The miners of Bitcoin today have cause to hope that the market is beginning to turn around. According to on-chain analytics company Glassnode, a significant amount of Bitcoin (BTC) has been transferred from short-term holders to strong hands over the previous several months, a trend that has been “a primary component of all prior Bitcoin bull markets.” Coins held for more than 155 days by a single entity are considered to be held by long-term holders who are less likely to sell their holdings in the near future.
