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Reuters has shared that major international British bank Standard Chartered has forecast that by the end of this year, the flagship cryptocurrency Bitcoin may succeed in reaching the $50,000 level. As for higher peaks, the bank's analysts expect BTC to hit as high as $120,000 by the end of next year — 2024.
The bank believes, according to the article, that a potential rise in BTC's price may drive Bitcoin miners to begin stocking up more of the coins they mint.
BITCOIN EXPECTED TO RISE TO AROUND $50,000 BY END OF YEAR AND COULD REACH $120,000 BY END OF 2024 - STANDARD CHARTERED
— *Walter Bloomberg (@DeItaone) July 10, 2023
In April this year, the bank released a BTC forecast for next year, where it claimed that another "crypto winter" was over.
Overall, since the start of the year, Bitcoin has grown by 83%, dwarfing the growth of the Nasdaq Composite index.
As the Standard Chartered forecast came out, the number of new Bitcoin wallets is on the rise once again, according to crypto analyst Ali Martinez. He added that a stable rise in the number of new wallets may trigger BTC price spikes.
The number of new #Bitcoin addresses created is trending back up!#BTC network growth is often considered one of the most accurate price predictors. Generally, a steady increase in the number of new $BTC addresses leads to price upswings. pic.twitter.com/L9zN4RRF6M
— Ali (@ali_charts) July 10, 2023
Another popular analyst, Michael van de Poppe, tweeted that he expects Bitcoin to make a correction before it continues rising. Bitcoin will probably start "taking lows at the range low here to grab liquidity," adding a screenshot of a BTC chart to his tweet.
Gamza KhanzadaevAt the time of this writing, the leading digital currency is changing hands at $30,153 after it slipped from above the $31,000 level last week.
Alex Dovbnya
Dan Burgin