Bitcoin price forecasting: will it reach $120,000 by 2024?



Crypto news: Standard Chartered Bank recently made new forecasting regarding the price of Bitcoin, specifically stating that it could reach $120,000 by 2024. 

The news is also reported by Bitcoin Magazine’s official Twitter account, which reads: 

Optimistic forecasting regarding the price of the Bitcoin crypto: why?

As anticipated above, according to leading financial institution Standard Chartered, the flagship cryptocurrency Bitcoin (BTC) could see a significant increase in value. 

Specifically, it is expected to reach $50,000 by this year and rise to $120,000 by the end of 2024.

It is worth recalling that, at first, Standard Chartered predicted a value of $100,000 for Bitcoin by the end of 2024 in April, saying that the era of the so-called “cryptocurrency winter” was over.

However, Geoff Kendrick, one of the bank’s respected FX analysts, now suggests that the initial projection may have upside potential of 20%. 

This means that there are even more positive prospects for Bitcoin’s future, as reported by a Reuters report on 10 July.

Of course, this new forecast could incentivize Bitcoin miners to accumulate more cryptocurrency. In this regard, Kendrick stated the following in a report: 

“The increased profitability of miners per mined BTC means they can sell less while maintaining cash inflows, reducing the net supply of BTC and driving BTC prices higher.”

Efforts regarding Bitcoin ETFs and SEC opinions 

In recent times, Bitcoin has attracted increasing interest from financial institutions.

This interest has been fueled by investment firm BlackRock‘s request to US regulators for approval of an exchange-traded fund (ETF) based on Bitcoin, a popular cryptocurrency. 

It is worth recalling that this application was submitted on 15 June. However, the Securities and Exchange Commission (SEC) has consistently rejected proposed Bitcoin ETFs that are not based on futures contracts. 

The main reason for this rejection is the concern regarding potential manipulation of the Bitcoin spot market.

To address these regulatory concerns, BlackRock is trying to resolve the situation through an agreement with Nasdaq, the ETF’s planned listing platform. 

This agreement provides for “shared oversight” of a Bitcoin trading platform. In addition to BlackRock’s ETF efforts, this month also saw the launch of EDX Markets, a digital asset exchange aimed at accredited investors. 

This exchange is supported by major entities such as Fidelity, Charles Schwab, and Citadel Securities.

Record for Bitcoin Ordinals registrations: the Dune report 

According to Dune‘s data, on 8 July, cryptocurrency enthusiasts minted a daily record of 350,000 Bitcoin Ordinals inscriptions, representing the highest number recorded since 14 May. 

Despite the significant increase in minting activity, payment fees for these entries remained remarkably low at 2.5 Bitcoin (BTC).

We see that this increase could be attributed to the recent launch of recursive inscriptions and the implementation of BRC-69. Indeed, these developments in the Bitcoin network have contributed to cost optimization, encouraging an increase in inscriptions.

Moreover, on the same day, the number of minted inscriptions reached an unprecedented high of 18,000, further highlighting the growing momentum in the cryptocurrency space. 

Market observers suggest that this milestone not only demonstrates the growing popularity of Bitcoin, but also highlights the increasing adoption of user-friendly platforms that simplify the minting process for both enthusiasts and investors.

These spikes in the number of mints occur in parallel with BTC Ordinals trading volumes exceeding $210 million, as reported in DappRadar‘s latest quarterly report.

The report also showed that more than 550,000 ordinal exchanges occurred in the second quarter of 2023, involving about 150,000 unique traders. 

This contributes to the significant trading volume observed mid-year. An analytics dashboard on Dune’s blockchain, which monitors various metrics of the Bitcoin ordinal inscriptions market, shows a sharp increase in unique users as of May 2023.