Recent news regarding the launch of spot ETFs has contributed to the rise in Bitcoin’s price, albeit with a subsequent period of stagnation. Numerous experts, institutions, and organizations share the belief that the price of Bitcoin will witness significant growth in the future. One such perspective originates from London-based Standard Chartered Bank, which released a note outlining its positive outlook for BTC in the 2023-2024 timeframe.
According to a report by Reuters, Geoff Kendrick, an analyst at Standard Chartered Bank, emphasized that the “crypto winter” era has come to an end. Kendrick believes that Bitcoin’s recent 20% surge is indicative of a promising future for the cryptocurrency. The bank’s Bitcoin price prediction for 2023 hovers around the $50,000 mark, with expectations of reaching levels around $120,000 by the end of 2024.
The bank’s experts further suggested that the upward price trend could discourage Bitcoin miners from selling their holdings, thereby providing support for further price appreciation. Additionally, proponents of this theory assert that the approaching halving event in 2024, which reduces block rewards, will contribute to the positive trajectory of Bitcoin’s price.
FAQ’s
The launch of spot ETFs (Exchange-Traded Funds) contributed to the rise in Bitcoin’s price.
Standard Chartered Bank’s Bitcoin price prediction for 2023 is around the $50,000 mark.
Standard Chartered Bank expects Bitcoin’s price to reach levels around $120,000 by the end of 2024.
Proponents of the theory suggest that the upward price trend could discourage Bitcoin miners from selling their holdings, thereby providing support for further price appreciation.
The approaching halving event in 2024, which reduces block rewards, is believed to contribute to the positive trajectory of Bitcoin’s price.