Bitcoin Price Prediction as Standard Chartered Reiterates $120,000 BTC Price Target in 2024 – Time to Buy?

In the ever-evolving cryptocurrency space, Bitcoin (BTC), the flagship digital asset, remains resilient, hovering consistently above the $37,000 threshold on Monday. The broader crypto market, with a global cap of $1.42 trillion, saw a modest decline of 1.22 percent in 24 hours. Still, there is an air of optimism as the market is gradually recovering, driven by strong investor confidence.

Notably, the Crypto Fear and Greed Index sits firmly in the “greed” zone with a score of 66 out of 100, indicating positive market sentiment. For Bitcoin’s uptrend to continue, it needs to break the $37,700 resistance level; Failing this, it could seek support near $37,100.

1》$BTC experienced a successful retest at $37,000 yesterday, holding strong and causing the weekly candle to close in the green. Notably, this is the sixth consecutive week of positive momentum, a feat not seen in the last three years #bitcoin #GOLD pic.twitter.com/D2mRFNzQyY

— G0LD◁ (@G0LD161) November 27, 2023

Amid this cautious optimism, a notable forecast from Standard Chartered analyst Geoff Kendrick stands out, suggesting that Bitcoin could rise to a staggering $120,000 by the end of 2024.

#CryptoNews #BTC #ETF #SEC
The SEC has released memos formally confirming negotiations with BlackRock and Grayscale to list spot BTC ETFs.#BTC #Crypto #Opinion
Standard Chartered has confirmed its forecast for BTC of $120,000 by the end of 2024. It awaits BTC… pic.twitter.com/sMFWibsof8

– FinNews (@FinNews_) November 26, 2023

In addition to the positive outlook, expectations of a more accommodative stance from the US Federal Reserve in the coming year are also improving Bitcoin’s prospects. Such a policy change could further boost investor confidence in the cryptocurrency. At the same time, weakening sentiment around the US dollar has been a key factor in the appreciation of Bitcoin’s price, painting a complex but promising picture for the world’s leading cryptocurrency.

Bitcoin’s Upswing: Mining Profits, Wall Street Buzz and Bullish Predictions

Bitcoin is poised for a significant rally and could reach $120,000 by the end of 2024. Geoff Kendrick, an analyst at Standard Chartered, attributes this potential increase to a decline in Bitcoin sales by miners, resulting in a more favorable market environment. Kendrick initially expected Bitcoin to reach $100,000 next year, but has revised his estimate to $120,000, an increase of nearly 300% from current levels. He predicts that Bitcoin will increase in value by 67% this year, with a target of $50,000.

According to Standard Chartered, Bitcoin could rise 300% to $120,000 next year as miners reduce token sales https://t.co/pBsslajq3p

— Joe Martin (@JoeMartinBTC) November 26, 2023

The higher profitability of mining supports this optimistic forecast. Higher profits allow miners to sell fewer Bitcoins, maintaining their cash flow and consequently reducing the overall supply of Bitcoin. Kendrick estimates that with a Bitcoin average of $50,000 by early 2024, miners would only need to sell 27% of the Bitcoins mined to generate the same cash flow as if they sold 100% in the second quarter of 2023. This scenario could increase net supply of Bitcoin by about 250,000, affecting its price and reducing its inflation rate.

Bitcoin’s recent rally above $30,000 has been supported by positive developments such as Wall Street’s growing interest in Bitcoin ETFs. Analysts including Fundstrat’s Tom Lee have predicted that Bitcoin could reach a value of up to $200,000 in the coming years. Factors such as increasing mining profitability, cost cutting by major mining companies, and upcoming halving events also support this bullish trend.

Consequently, Wall Street’s interest in ETFs and analysts’ optimistic forecasts are the main reasons for Bitcoin’s recent price increase and its potential for future growth.

US Dollar Weakness and Mixed PMIs: Impact on BTC and Market Sentiment

The recent weakness in the US dollar has been a boon for Bitcoin and further influenced the overall market sentiment. This weakness in the dollar is primarily due to the mixed signals sent by the S&P Global Purchasing Managers’ Index (PMI) data, leading to speculation that the US Federal Reserve could introduce looser monetary policy by 2024.

The latest release for November suggests a stable US S&P Global Composite PMI of 50.7. However, while the services PMI saw a slight increase to 50.8, the manufacturing PMI fell to 49.4, not quite reaching the forecast 49.8.

Traders expect @federalreserve to cut rates by 100 basis points next year, weakening the dollar. A weaker dollar often bodes well for $BTC. reports @godbole17.https://t.co/5hMa2QGAAt

— CoinDesk (@CoinDesk) November 27, 2023

This mixed economic picture is reflected in the US dollar index, which fell by 103 despite a slight improvement in US Treasury yields, which stand at 4.50% for 10-year and 4.97% for 2-year bonds .40 fights. The weakening dollar, influenced by these mixed PMI results and the expected change in Fed policy, indirectly strengthens Bitcoin’s appeal.

Bitcoin price prediction

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