U.K.-based banking giant Standard Chartered's analysts have forecasted that Bitcoin (BTC), the largest cryptocurrency by market cap, would reach $50,000 by the end of the year. One of the bank's top analysts, Geoff Kendrick, said the new Bitcoins created daily by miners worldwide would eventually need to be sold less to meet the costs, triggering a price increase. Kendrick added that miners started selling 100% of their new coins, but if the price hits $50,000, they would probably only sell 20% to 30%, causing a reduction in net Bitcoin supply. - In April, Kendrick also declared that the crypto winter, which began in 2022, is officially over and predicted that Bitcoin could reach $100,000 by the end of 2024.
- The bank analyst increased the forecast for late 2024 to $120,000, with a 20% surge.
- Bitcoin price jumped by over 80% since the beginning of the year.
- However, the leading cryptocurrency is still more than 55% below its all-time high in November 2021.
- Due to an internal supply and issuance process, the total amount of Bitcoins that can be mined daily will also be decreased by half in April or May 2024, which is a halving event expected to increase Bitcoin price.
Predictions of sky-high valuations for Bitcoin have gained massive popularity in recent years, though they mostly do not come to fruition. - In November 2020, a Citibank analyst estimated that Bitcoin could reach $318,000 by the end of 2022, and the leading cryptocurrency closed last year at $16,500.
- Robert Kiyosaki, the famous author of the best-selling personal finance book "Rich Dad, Poor Dad," also recently shared his predictions that the BTC price could see the $100,000 level.
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