Standard Chartered Bank has updated its Bitcoin price prediction, now forecasting that Bitcoin could reach $50,000 by the end of 2023 and exceed $120,000 by 2024.
Upward Revision of Bitcoin Price Forecast by Standard Chartered
This revision comes as analysts at the bank anticipate an increase in Bitcoin accumulation by miners.
The bank suggests that rising Bitcoin prices could incentivize miners to retain more of the Bitcoin supply. Standard Chartered’s top foreign exchange analyst, Geoff Kendrick, stated that increased profitability for miners could lead to reduced sales while maintaining cash inflow, thereby reducing the net supply of Bitcoin and driving up its price.
Current Trading Status and Future Outlook for Bitcoin
Currently, Bitcoin trades at around $30,193, with a 30% increase in trading volume over the past 24 hours. Despite the sideways movement in the past 24 hours, the bank’s prediction and the recent net inflow of $136 million into crypto asset investment products indicate a positive outlook for Bitcoin’s price.
All-Time High for Bitcoin Hash Rate
As miners prepare to hold more Bitcoins, the Bitcoin Hash Rate continues its upward trajectory, reaching an all-time high value of 395 EH/s. This indicates the increasing computational power being used to mine and process Bitcoin transactions, further underlining the growing interest in Bitcoin mining.
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