<\/p>\n
International bank Standard Chartered predicted that Bitcoin’s (BTC<\/a>) price could end the year as high as $50,000 and reach $120,000 by next year, according to a July 10 Reuters reports<\/a>,<\/p>\n Standard’s Chartered prediction is congruent with Matrixport, a crypto financial services platform that predicted BTC’s price to reach $125,000 by 2024 in a report shared with CryptoSlate<\/em> on July 6th.<\/p>\n Markus Thielen, the head of research and strategy at Matrixport, said:<\/p>\n \u201cIf history is any guide, then there is now a 100% probability that by the end of 2024, Bitcoin will experience another massive bull market with a price target of $125,000 (+310%).\u201d<\/p>\n<\/blockquote>\n Standard Chartered noted the critical role BTC miners could play in this potential upward price movement.<\/p>\n According to Geoff Kendrick, one of the bank’s FX analysts, BTC’s price could increase because miners’ profitability has risen, and they are not pressured to sell. Kendrick reportedly said:<\/p>\n \u201cIncreased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.\u201d<\/p>\n<\/blockquote>\n Last year, BTC miners were one of the cohorts. badly affected<\/a> by the record-low market situation that led to the capitulation of several crypto firms, including FTX and others.<\/p>\n However, BTC miners appear to have bucked the trend<\/a> This year, as many are in better financial health. The COO at Luxor Technologies, Ethan Vera, Estimated<\/a> that miners’ debt has been reduced to around $4.5 billion to $6 billion from the $8 billion recorded in 2022.<\/p>\n Most miners who sold their BTC this year aimed<\/a> to secure profits by taking advantage of the recent price surge. According to CryptoSlate’s<\/em> data, BTC has grown by over 70% on the year-to-date metric.<\/p>\n Besides miners, traditional financial institutions could also play an essential role in BTC’s price movement.<\/p>\n In June, the industry witnessed a flurry of spot BTC ETF<\/a> applications from legacy institutions triggered by BlackRock’s<\/a> application. Furthermore, crypto ETPs have recorded three consecutive weeks of inflows, as per CoinShares<\/a><\/p>\n Since then, positive market sentiments<\/a> as returned to the market, with the flagship digital asset rising to a yearly high of $31,500 before retracing to its current levels of $30,279 at the time of writing.<\/p>\n The post Standard Chartered, Matrixport foresee Bitcoin hitting $120k next year<\/a> appeared first on CryptoSlate<\/a>,<\/p>\n","protected":false},"excerpt":{"rendered":" International bank Standard Chartered predicted that Bitcoin’s (BTC) price could end the year as high as $50,000 and reach $120,000 by next year, according to a July 10 Reuters reports, Standard’s Chartered prediction is congruent with Matrixport, a crypto financial services platform that predicted BTC’s price to reach $125,000 by 2024 in a report shared […]<\/p>\n","protected":false},"author":2,"featured_media":120347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-120346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=120346"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120346\/revisions"}],"predecessor-version":[{"id":120348,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120346\/revisions\/120348"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/120347"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=120346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=120346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=120346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Standard Chartered highlights miners’ role<\/h2>\n
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Institutional interest in BTC soars<\/h2>\n