Bitcoin could soar to $180,000 before the April 2024 halving, Fundstrat has said

7/26/2023

Bitcoin could soar to $180,000 before the April 2024 halving, Fundstrat has said.

Standard Chartered has given its predictions regarding Bitcoin, saying that the top crypto could reach $120,000 by the end of 2024. For the end of this year, the expectation is that BTC will reach $50,000.

In April, Standard Chartered shared its expectations, believing that it would reach $100,000 by the end of 2024. This came along with the view that the "crypto winter" was over.

Geoff Kendrick, the bank's top FX analyst, gave a statement regarding the situation. So far, Bitcoin has seen an 80% increase this year, reaching the $30,000 mark, which was less than half of its all-time high of $69,000 in November 2021.

Kendrick: "Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher... It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently."

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