As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Bitcoin to hit $120,000 by end of 2024, says Standard Chartered

Bitcoin to hit $120,000 by end of 2024, says Standard Chartered

Publish Date: 13/07/2023
Stock Photo, tags: bitcoin $120,000 end standard - images.unsplash.com

Stock Photo – images.unsplash.com

Bitcoin may reach $120,000 in value by the end of 2024 due to miners reducing their token sales, according to Standard Chartered analysts.

In April, Standard Chartered released a prediction of $100,000 for Bitcoin by the end of 2024, suggesting that the “crypto winter” had ended. However, Geoff Kendrick, head of the crypto research team at Standard Chartered, now suggests a 20 percent upside to their previous prediction.

They now anticipate the price to reach $50,000 by year-end, with a potential surge to as high as $120,000 in 2024.

“Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Kendrick wrote in a report.

Miners reducing sales

Miners are expected to gradually reduce their sales to cover operational expenses, mainly the cost of electricity, to run their energy-demanding computing systems. Globally, they are responsible for producing around 900 new Bitcoins each day. If the price reaches $50,000, they may reduce their sales to around 20 to 30 percent.

“It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently,” Kendrick said.

Kendrick further noted that over a year, this would decrease miner sales from 328,500 Bitcoins to between 65,700 and 98,550 units. As a result, the net supply of BTC will be reduced by around 250,000 tokens annually.

Bitcoin, the largest cryptocurrency by market value, traded at $30,495.67 on Tuesday, marking a 1.18 percent increase. Even though it has surged more than 82 percent this year, the number is still below its record high of nearly $69,000 in November 2021.

In 2022, the crypto sector lost trillions of dollars due to central banks raising interest rates and the collapse of various crypto firms, including crypto exchange FTX. Banking crises in several countries, including the U.S., have contributed to a rebound in the crypto industry.

By April or May of next year, there is an anticipated halving in the daily production of new Bitcoins. This reduction results from Bitcoin’s inherent supply and issuance mechanism that limits the supply to preserve its appeal.

It means that the supply of Bitcoin rewards available to miners would be decreased by half during this event, from around 900 per day to about 450. This mechanism maintains Bitcoin’s total supply below the limit of 21 million tokens.

Optimistic predictions

On-chain analyst Willy Woo has also said that Bitcoin is currently in the “early stages of another price squeeze.” There is a potential price surge for Bitcoin as major financial institutions with $27 trillion in assets enter the cryptocurrency space. This coincides with the race to launch the first spot Bitcoin exchange-traded fund (ETF).

In recent developments, Matrixpoint made another prediction last week that Bitcoin would reach $125,000 by the end of 2024. Around the same time, venture capitalist Tim Draper said BTC would surge to $250,000 within the next two years.

Analysts also made optimistic predictions for the token before its previous rallies. In November 2020, a Citi analyst suggested that Bitcoin could reach $318,000 by the end of 2022. By the end of last year, Bitcoin closed at around $16,500, a 65 percent decline.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 57.500 Gold Coins + 27.5 Free Sweepstakes Coins
T&Cs apply
4.6/5
Sweeptastic
Sweeptastic Bonus
40,000 LC + 40 Free SC for $19.99
T&Cs apply
4.5/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.5 million WOW Coins + 35 Free Sweepstake Coins for $9.99
T&Cs apply
4.5/5
Latest News
ARK Invest and 21Shares Boost Transparency with Chainlink for Bitcoin ETF
The world of Bitcoin Exchange-Traded Funds (ETFs) is ...
Bitcoin ETF shatter previous records with a volume of $7.4 billion
Since they were approved, Bitcoin ETFs have done ...
Bitcoin breaks through $58,000: A new milestone amid surging ETF inflows and ...
In the ever-evolving realm of cryptocurrency, Bitcoin has ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 57.500 Gold Coins + 27.5 Free Sweepstakes Coins
T&Cs apply
4.6/5
Sweeptastic
Sweeptastic Bonus
40,000 LC + 40 Free SC for $19.99
T&Cs apply
4.5/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.5 million WOW Coins + 35 Free Sweepstake Coins for $9.99
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site