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Bitcoin (BTC) May Hit $50,000 by Year’s End and $120,000 By 2025: Standard Chartered

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Mon, 10/07/2023 - 9:56
Bitcoin (BTC) May Hit $50,000 by Year’s End and $120,000 By 2025: Standard Chartered
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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.

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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.

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.

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.

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At 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.

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