Bitcoin price could reach $50,000 this year and $120,000 by the end of 2024

Standard Chartered says Bitcoin price could reach $50,000 this year and $120,000 by the end of 2024.



Bitcoin price is up 80% since the beginning of the year.


The price of Bitcoin, the top cryptocurrency, could reach $50,000 (approx. Rs. 41,19,200) this year and $120,000 (approx. Rs. 98,85,800) by the end of 2024. "Miners" to accumulate more reserves. 
 
Standard Chartered posted a $100,000 (approximately Rs. 82,38,000)  forecast at the end of 2024 back in April, believing the so-called "crypto winter" was over, but Jeff Kendrick, one of the bank's top FX analysts,  said the call now has a 20% upside potential. there is 
 
“Improving profitability for miners per bitcoin (BTC) mined means they can sell less while maintaining cash flow, reducing the net supply of BTC  and driving up the price of BTC,” Kendrick said in the report.

Bitcoin price has surged 80% since the beginning of the year, but the current level of just above $30,200 (approx. Rs. 24,87,900) is still less than half of its 2019 peak of $69,000 (approx. Rs. 56,84,000). no see. November. 2021.

In 2022, trillions of dollars were pulled out of the crypto space as central banks raised interest rates and a number of crypto firms, such as the FTX exchange, collapsed. However, the collapse of many traditional banks this year has contributed to the recovery. 
 
 Standard Chartered said the reason for the expected price increase is that miners minting the 900 new bitcoins produced daily around the world will soon have to sell fewer to cover costs. It is primarily electricity to power supercomputers.
Kendrick recently calculated that miners are selling 100% of  new coins. However, when the price reaches $50,000 (approximately Rs. 41,19,000), it will probably only sell for 20-30%. 
 
 “This equates to reducing the number of bitcoins miners sell per day from the current 900 to 180-270.” 
 
 “During this year,  miner sales will drop from 328,500 to the range of 65,700-98,550, reducing the net  supply of BTC by about 250,000 bitcoins per year.”
In April or May next year, the total number of bitcoins that can be mined each day will also be halved due to a built-in supply and emission mechanism that gradually caps the supply to keep bitcoin attractive. 
 
 Sky-high predictions have been common in past Bitcoin rallies. In November 2020, a Citi analyst said  that Bitcoin could rise to $318,000 (approximately Rs. 2.6 crore) by the end of 2022. 

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