Bitcoin

Bitcoin to Soar Beyond $120,000, Standard Chartered Analyst Predicts

Published

on

Standard Chartered analyst Geoff Kendrick predicts Bitcoin’s price could skyrocket beyond $120,000 due to Bitcoin miners holding onto their block rewards as the price rises. The expectation is that the reduced supply of new Bitcoins coming onto the market would then put pressure on the price as buyers bid over a diminishing new supply, thus creating a self-perpetuating loop to a new parabolic surge.

Kendrick identifies this cycle as one potential driver of Bitcoin’s price, the major assumption being that the dominance of selling pressure has subsided with the passing of the longest bear market in Bitcoin’s 14 year history.

2024 Halving to Propel Bitcoin’s Value?

The upcoming halving event in 2024, which reduces the reward given to miners, is another factor that could boost Bitcoin’s price. Historically, this event, designed to cap the supply of Bitcoins at an eventual total of 21million, has preceded parabolic price increases.

HOLDing and Bull Market Optimism

The decision of miners to hold onto their Bitcoins is not solely driven by price movements. Kendrick points out that the industry culture, which encourages HODLing onto Bitcoin in anticipation of future price surges, also plays a role.

BlackRock, Institutions, Interest Rates and more…

Kendrick has previously predicted that Bitcoin would hit $100,000 in 2024, citing factors such as Bitcoin’s safe-haven reputation, regulatory adaptations, institutional interest, and less volatility. He now believes that these factors could drive the price even higher. For instance, BlackRock’s interest in creating a Bitcoin spot ETF indicates growing demand from its clients.

Trending

Exit mobile version