{"id":120489,"date":"2023-07-10T20:07:06","date_gmt":"2023-07-10T20:07:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-will-reach-120k-before-2025-standard-chartered-predicts-crypto-news\/"},"modified":"2023-07-10T20:07:08","modified_gmt":"2023-07-10T20:07:08","slug":"bitcoin-will-reach-120k-before-2025-standard-chartered-predicts-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-will-reach-120k-before-2025-standard-chartered-predicts-crypto-news\/","title":{"rendered":"Bitcoin Will Reach $120K Before 2025, Standard Chartered Predicts\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div style=\"position:relative;overflow:visible;font-size:1.2em;line-height:1.58\">\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">British multinational bank Standard Chartered has boosted its Bitcoin price forecast to $120,000 by the end of 2024\u2014a 300% leap from where it is today.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">In a report viewed by <i><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/standard-chartered-bumps-up-bitcoin-forecast-120000-2023-07-10\/#:~:text=LONDON%2C%20July%2010%20(Reuters),hoard%20more%20of%20the%20supply\" class=\"sc-adb616fe-0 ePvUAp\">Reuters<\/a><\/i>the bank predicted Bitcoin&#8217;s rise will be driven largely by miners hoarding their coins and cutting off additions to Bitcoin&#8217;s circulating supply.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\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 wrote Geoff Kendrick, one of Standard Chartered&#8217;s top FX analysts, in the report.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Bitcoin is up 82% year to date, from $16,600 on January 1 to $30,280 at the time of writing.  Since miners are rewarded with a fixed number of BTC (6.25) per block, such bullish price momentum has helped boost the industry&#8217;s revenue since the start of the year, reversing negative momentum amid declining revenue in 2022.<\/p>\n<figure class=\"w-full max-w-full mt-4 overflow-hidden\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:58.26193390452876%\"\/><noscript><img alt=\"\" loading=\"lazy\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain\" class=\"absolute inset-0 box-border p-0 border-0 m-auto block w-0 h-0 min-w-full max-w-full min-h-full max-h-full object-contain\" sizes=\"(min-width: 640px) 950px, 384px\" srcset=\"https:\/\/img.decrypt.co\/insecure\/rs:fit:16:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 16w, https:\/\/img.decrypt.co\/insecure\/rs:fit:32:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 32w, https:\/\/img.decrypt.co\/insecure\/rs:fit:48:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 48w, https:\/\/img.decrypt.co\/insecure\/rs:fit:64:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 64w, https:\/\/img.decrypt.co\/insecure\/rs:fit:96:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 96w, https:\/\/img.decrypt.co\/insecure\/rs:fit:128:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 128w, https:\/\/img.decrypt.co\/insecure\/rs:fit:256:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 256w, https:\/\/img.decrypt.co\/insecure\/rs:fit:384:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 384w, https:\/\/img.decrypt.co\/insecure\/rs:fit:640:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 640w, https:\/\/img.decrypt.co\/insecure\/rs:fit:768:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 768w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1024:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 1024w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1280:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 1280w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1536:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp 1536w\" src=\"https:\/\/img.decrypt.co\/insecure\/rs:fit:1536:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-10-123740.png@webp\"\/><\/noscript><\/span><figcaption class=\"m-0 text-left gg-dark:text-neutral-200 scene:font-itc-avant-garde-gothic-pro scene:text-neutral-700 scene:font-light scene:mt-1\">To install Bitcoin Miner Revenue.  Source: Glassnode<\/figcaption><\/figure>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">The opposite trend was visible in June of 2022, when BTC&#8217;s falling price forced major miners like <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/104493\/crypto-miner-core-scientific-dumps-165m-bitcoin-to-enhance-liquidity\/\" class=\"sc-adb616fe-0 ePvUAp\">Core Scientific<\/a> and Riot to dump the vast majority of their coins on the market, only contributing to Bitcoin&#8217;s free fall to under $18,000.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Today, miners have good reason to believe Bitcoin is back in an early upswing.  Data from on-chain analytics firm Glassnode <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-26-2023\/\" class=\"sc-adb616fe-0 ePvUAp\">shows<\/a> that a large share of BTC has been moving hands from short-term holders to strong hands over the past few months, which is \u201ca primary component of all prior Bitcoin bull markets.\u201d  Long-term holders are entities that haven&#8217;t moved their coins for over 155 days and are generally less likely to be active (ex. be sold) in the near term.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Furthermore, Bitcoin &#8220;Shrimps&#8221;\u2014small entities with less than 1 BTC\u2014appear to be stacking sats harder than at any time since the peak of the late 2017 bull market.  This cohort alone is sucking up more coins each month than miners can produce in their totality.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">According to Kendrick&#8217;s estimates, miners are still selling 100% of their newly mined coins to cover costs.  However, if Bitcoin&#8217;s price rises to $50,000 by the end of the year, this share of sold coins might reduce to just 20-30%, reducing circulating supply and creating a bullish feedback loop.<\/p>\n<div class=\"relative w-full\">\n<blockquote class=\"twitter-tweet mx-auto\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\" data-wpel-link=\"internal\">#Bitcoin<\/a> Shrimp (< 1 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\" data-wpel-link=\"internal\">$BTC<\/a>) \ud83e\udd90 are stacking sats at a rate of 33.8k <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\" data-wpel-link=\"internal\">$BTC<\/a> per month.<\/p>\n<p>Issue \ud83d\udd35 is ~27.0k <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\" data-wpel-link=\"internal\">$BTC<\/a>\/mth<\/p>\n<p>For every 1 new coin, Shrimp are taking 1.25 off the market.<\/p>\n<p>Crazy conviction on display. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2n7BdwBuWw\" data-wpel-link=\"internal\">pic.twitter.com\/2n7BdwBuWw<\/a><\/p>\n<p>\u2014 _Check\u0271ate \ud83d\udd11 \u26a1\ud83c\udf0b\u2622\ufe0f\ud83d\udee2\ufe0f (@_Checkmatey_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/_Checkmatey_\/status\/1676498354359111681?ref_src=twsrc%5Etfw\" data-wpel-link=\"internal\">July 5, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cIt is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently,\u201d he said.  \u201cOver a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 \u2013 a reduction in net BTC supply of roughly 250,000 bitcoins a year.\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Markets are optimistic that Bitcoin could surge higher this year if a Bitcoin spot ETF is approved in the United States. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147409\/larry-fink-blackrock-ceo-bitcoin-digitizing-gold-international-asset\/\" class=\"sc-adb616fe-0 ePvUAp\">black rock<\/a>which filed for one such product last month, boasts a regulatory approval record on such products of 575:1.<\/p>\n<div class=\"my-4 border-b border-decryptGridline\">\n<div class=\"text-left p-8 md:py-12 md:px-12 max-w-prose relative\"><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute top-4 left-4 md:top-6 md:left-6\"\/><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute rotate-180 bottom-4 right-4 md:bottom-6 md:right-6\"\/><\/p>\n<h3 class=\"font-akzidenz-grotesk font-bold text-xl md:text-3xl mb-6 md:text-center gg-dark:text-white\">Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>British multinational bank Standard Chartered has boosted its Bitcoin price forecast to $120,000 by the end of 2024\u2014a 300% leap from where it is today. In a report viewed by Reutersthe bank predicted Bitcoin&#8217;s rise will be driven largely by miners hoarding their coins and cutting off additions to Bitcoin&#8217;s circulating supply. \u201cIncreased miner profitability [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":114469,"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-120489","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\/120489","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=120489"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120489\/revisions"}],"predecessor-version":[{"id":120490,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120489\/revisions\/120490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/114469"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=120489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=120489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=120489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}