Bitcoin Price May Hit $120,000 By End Of 2024 On Miner Profitability Driven By BTC Halving, Standard Chartered Says

Bitcoin price has the potential to hit $50,000 in 2023 and $120,000 by the end of 2024, Standard Chartered Bank said.

Analyst Geoff Kendrick attributes his optimistic forecasts to miners reducing their BTC sales with the Bitcoin halving scheduled for around April. Kendrick anticipates increased mining profitability as a result with miners thus needing to sell fewer tokens.

That would mean reduced BTC supply, increased demand and thus a price surge.

Bitcoin Price: Standard Chartered Revises April Forecast

Kendrick’s prediction is a revision of his April forecast, when he said the Bitcoin price will hit $100,000 by 2024. After factoring in miner profitability, he acknowledges that the target was a short throw, and is now adding $20,000 to estimate.

An increase to $120,000 would be a 225% climb from current levels.

Kendrick estimates that almost 100% of all Bitcoin mined was sold in the second quarter.

He sees miners reducing the number of mined BTC over time, as has happened previously when the price of BTC goes beyond the average all-in cash cost of mining, as is the situation now.

“If the BTC price averages $50,000 by Q1-2024, as we predict, the ‘BTC minus all cash costs’ calculation would rise to $30,000,” he said. “On that basis, selling just 27% of BTC mined in Q1-2024 would generate the same absolute level of excess cash as selling 100% in Q2-2023.” This would be sufficient to lower the net supply of Bitcoin by approximately $250,000.

Bitcoin Price Holds Steady

The Bitcoin price is holding strong at 36,962 as of 11:45 a.m. EST.

Bitcoin
TradingView: BTC/USDT 1-day chart

Spot Bitcoin ETF Narrative Keeps BTC Afloat Above $30,000

The restoration above the $30,000 mark is partly influenced by the recent interest among institutional players in spot exchange-traded funds (ETFs). The narrative has provided tailwinds for the king of cryptocurrency, inspiring bullish predictions among industry sleuths, analysts, and observers. Among them, Tom Lee, head of research at Fundstrat Global Advisors, predicted a $200,000 valuation is coming.

Meanwhile, investors continue to front-run the spot Bitcoin ETF approval and halving narratives, with many boarding two trains ahead of these events: BTCETF and BTCMTX.

BTCETF

BTCETF is the powering token for the Bitcoin ETF Token ecosystem, the only project that rewards holders as BTC ETFs are approved.

The project is in the fifth stage of the presale, with BTCETF tokens selling for $0.0058. This price tag is due to end in about 16 hours, meaning investors have a narrow window to take advantage of the stage 5 discount.

So far, the presale collections have reached $1.817 million, out of a target objective of $2.123 million.

Visit the Bitcoin ETF Token website to buy BTCETF in the presale here.

BTCMTX

BTCMTX is the ticker for the Bitcoin Minetrix project, a stake-to-mine project that makes BTC ownership easier. Experts say it could 10X at launch even as it ushers the crypto world into the future of cloud mining.

Bitcoin Minetrix token, BTCMTX, is selling for $0.0119 in stage ten of its presale. This price tag will only hold for the coming four days until the next price rise.

So far, presale collections have reached $4.472 million out of a target objective of $5.287 million.

Visit Bitcoin Minetrix website to buy BTCMTXC in the presale here.

Also Read:

  • Saylor’s Microstrategy Enjoys Share Price Bump As Bitcoin Halving Draws Closer
  • How To Buy Bitcoin ETF Token – BTCETF Presale Review
  • How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review
  • Bitcoin Minetrix Presale Has Just Hours Left: Last Chance to Buy Before Price Rise

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