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Standard Chartered predicts Bitcoin price to rise to $120,000 in less than two years
Multinational bank Standard Chartered has released an impressive Bitcoin forecast. The bank expects the price of Bitcoin to rise to $120,000 in the next two years. It predicts a price of $50,000 by the end of 2023. This forecast is based on the assessment that the current bear market for cryptocurrencies is over. The bank also expects rising Bitcoin prices to encourage miners to store more of their coins. This would reduce the supply of Bitcoin and drive the price further up. Bitcoin price performance in 2023 is already impressive. The price has increased by an impressive 83% since the beginning of the year...
Standard Chartered predicts Bitcoin price to rise to $120,000 in less than two years
Multinational bank Standard Chartered has released an impressive Bitcoin forecast. The bank expects the price of Bitcoin to rise to $120,000 in the next two years. It predicts a price of $50,000 by the end of 2023.
This forecast is based on the assessment that the current bear market for cryptocurrencies is over. The bank also expects rising Bitcoin prices to encourage miners to store more of their coins. This would reduce the supply of Bitcoin and drive the price further up.
Bitcoin price performance in 2023 is already impressive. The price has risen an impressive 83% since the beginning of the year. This means that the development of the Bitcoin price exceeds the growth of the Nasdaq Composite Index, which reflects the technology sector.
In addition, the bank Standard Chartered expects the number of new Bitcoin wallets to increase again. Such a rise could trigger further price increases, as crypto analyst Ali Martinez explains. He emphasizes that a continuous increase in new Bitcoin addresses is often accompanied by price increases.
Nevertheless, there are also analysts who warn of a possible correction in the Bitcoin price. Michael van de Poppe, a well-known analyst, expects Bitcoin to decline in the short term to secure liquidity. He refers to the US Consumer Price Index (CPI), which will be published in the next 48 hours and can have a volatile effect on the crypto market.
How the Bitcoin price will develop in the coming years remains to be seen. However, the forecast from bank Standard Chartered is promising and could help attract even more investors to the crypto market. It remains exciting to see whether Bitcoin will really achieve the desired performance.