- Standard Chartered added another 20% increase to its previous Bitcoin prediction.
- On-chain data showed that BTC was closer to its bottom than the market top.
Like Clockwork, Bitcoin [BTC] has been subject to numerous price projections, with the latest coming from Standard Chartered, the prominent international financial institution. In a report shared by Reuters on 10 July, the bank declared a bullish forecast for Bitcoin, suggesting it could hit $50,000 by the end of 2023.
Read Bitcoin’s [BTC] Price Prediction 2023-2024
However, the bone of contention, which had sparked debate around the crypto community, was the institution’s $120,000 prediction for 2024. Geoff Kendrick, Standard Chartered FX’s analyst, said that the decision to increase the projection by 20% was due to Bitcoin miners’ decisions.
BTC skyrockets and miners change
In defense of his opinion, Kendrick noted that BTC’s recent jump could force miners to hoard more of the Bitcoin supply. Usually, when this happens, the demand for Bitcoin increases, thereby leading to a rise in price.
Also, miners’ income will likely increase from transaction fees alone, rather than the combination of block rewards and transaction fees. Kendrick, who predicted a $100,000 hit in the same year earlier, said,
“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply, and pushing BTC prices higher.”
In May, Bitcoin miners recorded a huge
Go to Source to See Full Article
Author: Victor Olanrewaju
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
