Crypto enthusiasts have been pleased with another positive prediction about the future of the world's biggest digital currency. Analysts at London-based bank Standard Chartered assume that bitcoin could reach $50,000 this year and $120,000 by the end of 2024.
Their optimistic forecast suggests that the top cryptocurrency will start gaining this fall. In the best-case scenario, the coin is expected to end the current year at around $50,000. Interestingly, back in April, the bank published a $100,000 end-2024 forecast for BTC, but then Geoff Kendrick, one of Standard Chartered's top FX analysts, said there was now 20% "upside" to that prediction.
According to Kendrick, this upward trend will enable miners to accumulate more bitcoin. "At recent prices, they [miners] have been selling 100% of new BTC; at USD 50,000 we think they would sell 20-30%," he noted.
Notably, bitcoin climbed to $31,000 in early July, reaching its highest level in the last 13 months. Financial expert Mikhail Belyaev believes that the number one cryptocurrency is subject to speculative market sentiment. He estimates that BTC could briefly rise above $30,000 before falling back to the area of $20,000-25,000.
