Kategorie: Bitcoin News

• An analyst at Standard Chartered delivered a strong Bitcoin prediction.

• He expects BTC price to jump to $120,000 in 2024.

Bitcoin price has continued wavering in the past few weeks as investors wait for the next important crypto news and US inflation data. The coin was trading at $30,400, where it has been at in the past two weeks. As a result, the fear and greed index has moved to the neutral point of 56.

Standard Chartered is bullish on Bitcoin

Bitcoin price has jumped by more than 90% in 2023, meaning it has outperformed popular financial assets like the Dow Jones and the Nasdaq 100 indices. It has also done better than gold and other metals.

Now, despite the recent consolidation, some analysts believe that Bitcoin price has more upside in the next few months. The two biggest potential catalysts are the potential for a Bitcoin ETF. Analysts believe that the SEC will accept one or all of the recent proposals by companies like Blackrock and Invesco.

The other potential catalyst for Bitcoin will be the upcoming halving, which will happen in April next year. Historically, Bitcoin tends to rally ahead of the halving event. We can also look at the spectacular performance of Litecoin price since July last year. Litecoin’s halving will happen in August.

Some analysts are bullish about Bitcoin. The most bullish analyst is from Standard Chartered. Two months ago, the analyst said that Bitcoin could surge to $100,000 by the end of 2024. In a note this week, the analyst said that he believes that BTC price could jump to $120,000. The analyst cited the ongoing miner activity, saying:

“It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently. Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”

‘If Standard Chartered’s Bitcoin prediction is accurate, it means that its market cap could hit over $2.3 trillion by the end of 2024. That’s because BTC has a market cap of over $591 billion.

Altcoins could jump as well

If this Bitcoin’s prediction is accurate, it means that other altcoins will do the same. For example, popular proof-of-work coins like Litecoin and Bitcoin Cash could resume their bullish rally. Litecoin has already jumped by over 134% from its 2022 lows. Bitcoin Cash, which is a Bitcoin’s hard fork, has risen by over 100% in the past few weeks.

These coins are doing well because of their upcoming halving events. Litecoin will go through halving in August while Bitcoin Cash’s will take place in December. These coins will also benefit if the SEC accepts the ETF since more companies will be motivated to launch their ETFs.

Other cryptocurrencies like Compound, Solana, Mina. and Internet Computer (ICP) could benefit because of the close correlation that exists in the crypto industry.

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• Standard Chartered analyst sees another 60% upside in Bitcoin this year.
• Geoff Kendrick explained his bullish view on BTC in a research note today.
• Bitcoin is already up a whopping 85% since the start of the year 2023.

The massive rally in Bitcoin since the start of this year is just a drop in the bucket compared to where it’s headed, as per a Standard Chartered analyst.

BTC could climb another 60% this year

On Monday, Geoff Kendrick said the world’s largest cryptocurrency could climb further to $50,000 by the end of 2023 which suggests another 60% upside from here.

The analyst is convinced that a continued increase in the price of BTC will make it rewarding for miners to stock huge amounts of it. Reduced net supply, in return, will help the cryptocurrency reach for the skies, he added.

If BTC rises [as] we expect by end-2023, share of newly mined being sold should fall to 20%-30%. That’s a net annual reduction in selling of BTC 250,000.

Bitcoin supply is set to halve next year

Note that the total supply of Bitcoin is scheduled to halve in April or May of 2024.

The Standard Chartered analyst sees several other factors helping unlock significant upside in BTC next year. One of them is the recent banking crisis. Earlier this year, he had forecast Bitcoin at $100,000 by the end of 2024. In a note today, though, Kendrick said:

We now think this estimate is too conservative, and we, therefore, see a 20% upside to our end-2024 target.

That essentially means Bitcoin could hit $120,000 next year. The cryptocurrency is expected to benefit if the Securities and Exchange Commission greenlights a Spot Bitcoin ETF that many asset managers, including BlackRock, have recently filed for.

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• BlackRock CEO Larry Fink was all praise for BTC in a recent interview.
• The asset manager refiled for a Spot Bitcoin ETF earlier this week.
• Bitcoin is currently up close to 90% versus the start of the year.

Bitcoin made a new 52-week high this morning after Larry Fink – the Chief Executive of BlackRock Inc agreed that it was a valuable international asset.

Fink is now constructive on Bitcoin

Fink had once dubbed the BTC an index of money laundering. But in a recent interview with Fox Business, he was all praise for the world’s largest cryptocurrency by market cap.

I do believe the role of crypto is digitalising gold in many ways. Instead of investing in gold as a hedge against inflation or the onerous problem of any one country.

Earlier this week, the asset manager refiled for a Spot Bitcoin ETF after the U.S. Securities and Exchange Commission asked for more clarity on its initial application.

BlackRock Inc currently has about $9.5 trillion worth of assets under management.

Is a Spot Bitcoin ETF coming soon?

Note that BlackRock has a history of getting regulatory approval for nearly every exchange-traded fund it has ever filed for.

That’s important considering many experts forecast a Spot Bitcoin ETF to unlock further upside in Bitcoin. The digital currency is already up close to 90% for the year at writing.

BlackRock has already made money investing in BTC and expects the crypto asset to grow further moving forward. According to CEO Larry Fink:

The foundation of BlackRock is about hope. You have for retirement because you believe tomorrow is better than today.

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Key takeaways

• Matrixport believes that Bitcoin could rally to $125k by the end of next year.

• The crypto services provider points out that Bitcoin has already touched its bottom after rallying to the $31k level last month. 

Bitcoin could hit $125k by the end of next year

Bitcoin, the world’s leading cryptocurrency by market cap, is up by more than 50% since the start of the year. However, some market experts believe that Bitcoin could rally higher over the next 12-18 months.

Crypto services provider Matrixport believes that Bitcoin could rally as high as $125,000 by the end of 2024. 

Matrixport’s forecast is based on its data that indicates a multi-month bull market, resulting in a massive rise in the market value of Bitcoin and other leading cryptocurrencies. 

According to Matrixport, Bitcoin reaching the $31k level indicated the end of the bear market. 

While speaking with CoinDesk, Markus Thielen, head of research and strategy at Matrixport, stated that

“On June 22, 2023, bitcoin made a new one-year high, marking the first time in a year. This signal has historically indicated the end of bear markets and the start of new crypto bull markets. If history is any guide, bitcoin prices could climb by +123% over twelve months and by +310% over eighteen months – based on the average return of the signals triggered in 2015, 2019 and 2020. That would lift prices to $65,539 in twelve months and $125,731 over eighteen months.”

Thielen described the 2012 signal and the subsequent 5,285% price rise in 2013 as an unusual bull market. 

Bitcoin Surged By 50% YTD

Bitcoin has surged by more than 50% since the start of the year. It started the year trading just around the $15k level, with the price of Bitcoin now at $31,192 per coin. 

Matriport’s forecast will coincide with the fourth halving. The next halving will see the reduction in the new coins paid per block to 3.25 BTC from 6.5 BTC and will take place in March/April 2024. 

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• Pompliano says underlying fundamentals of Bitcoin are strengthening.
• He expects a Spot Bitcoin ETF to be a meaningful catalyst for BTC.
• Bitcoin is currently up a whopping 85% versus the start of the year.

Anthony Pompliano agrees that Bitcoin could see friction in the near term but remains bullish on the digital asset for the long term.

Pompliano shares his view on Bitcoin

The Founder of Pomp Investments is constructive because the underlying fundamentals related to the world’s largest cryptocurrency by market cap are improving.

Bitcoin is anti-fragile. We see hash rate hitting all-time highs. We see adoption hitting all-time highs. People are realizing its value and they’re putting all sorts of capital into the network.

The total supply of Bitcoin is slated to halve in April of 2024 which has historically served as a catalyst for its price.

At writing, BTC is already up about 85% versus the start of the year.

Is a Spot Bitcoin ETF coming soon?

Pompliano is also convinced that the U.S. SEC will eventually approve a Spot Bitcoin ETF which will likely be another tailwind for the cryptocurrency.

His comments follow a recent wave of applications for such an exchange-traded fund that the regulator has already dubbed inadequate. Still, Pompliano said today on CNBC’s “Squawk Box”:

It’s a small detail that is more of a formality. We’re watching Wall Street saying we want access to BTC. So, when it [spot bitcoin ETF] happens, a lot of people will pour capital into it.

He’s confident in particular because among notable names that have recently filed for a Spot Bitcoin ETF is BlackRock that has a history of going for an exchange-traded fund only when it’s convinced it will get approval.

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