Bitcoin Price Prediction
Standard Chartered’s head of digital asset research predicts Bitcoin could reach $100,000 by the end of 2024. This bullish outlook stems from several factors.
Miner Capitulation Ending
The period of Bitcoin miner capitulation, where miners sell off holdings to cover costs, appears to be ending. This reduces selling pressure on Bitcoin.
Reduced Regulatory Uncertainty
Increased regulatory clarity, particularly in the US, is easing investor concerns and attracting institutional investment.
Halving Event
The upcoming Bitcoin halving event, expected in April 2024, will cut the reward for mining Bitcoin in half. This historically reduces supply and increases price.
Institutional Interest
Growing institutional interest in Bitcoin as a digital asset and potential hedge against inflation further supports the price prediction. BlackRock’s recent application for a Bitcoin ETF is a prime example.
Potential All-Time High
While $100,000 is a significant milestone, the strategist suggests Bitcoin could even surpass its all-time high in the coming months, driven by the aforementioned factors. This would represent a significant market recovery and potentially signal further growth in the crypto market.
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