{"id":542074,"date":"2023-07-11T11:00:41","date_gmt":"2023-07-11T11:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=542074"},"modified":"2024-06-11T08:10:40","modified_gmt":"2024-06-11T08:10:40","slug":"standard-chartered-raises-bitcoin-forecast","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/standard-chartered-raises-bitcoin-forecast\/","title":{"rendered":"Standard Chartered Raises Bitcoin Forecast To $120,000, Citing Miners’ Reduced Selling"},"content":{"rendered":"

Standard Chartered, one of the world’s leading banks, has raised<\/a> its long-term Bitcoin price forecast, predicting that the value of the flagship cryptocurrency could reach $120,000 by the end of 2024. This upward revision<\/a> comes as the bank acknowledges the potential for miners to hold a larger share of the newly minted Bitcoin supply. <\/span><\/p>\n

With the recent surge in Bitcoin’s price, Standard Chartered sees an opportunity for miners to reduce their selling activities, which could have implications for the cryptocurrency’s scarcity and future value.<\/span><\/p>\n

Miners’ Role In Bitcoin Value Proposition<\/span><\/h2>\n

Miners hold a significant position within the crypto ecosystem, as they are responsible for the creation and upkeep of the network. And Standard Chartered’s forecast of Bitcoin reaching $120,000 by the end of 2024 is rooted in the notion that miners may adapt their selling practices<\/a> to cover operational expenses, particularly the costs of electricity required for mining activities.<\/span><\/p>\n

Related Reading: Standard Chartered Predicts Bitcoin Could Reach $100,000 By End of 2024<\/a><\/p>\n

By reducing the portion of newly generated Bitcoins they sell, miners can balance their cash inflows while simultaneously decreasing the overall supply of Bitcoin available in the market. This adjustment in selling behavior has the potential to impact the supply-demand dynamics o<\/a>f Bitcoin and potentially contribute to a surge in its value.<\/span><\/p>\n

The rationale behind Standard Chartered’s prediction lies in the assumption that miners, who currently produce approximately 900 new BTC daily on a global scale, will opt to hold onto a larger portion of their newly minted coins. <\/span>By doing so, they can cover their operational costs more efficiently. <\/span><\/p>\n

If this adjustment occurs and the proportion of BTC sold by miners decreases, it could lead to a reduction in the net supply of Bitcoin by roughly 250,000\u00a0 BTC per year. Such a decrease in supply has the potential to exert upward pressure on the value of Bitcoin as demand potentially outpaces the available coins in circulation.<\/span><\/p>\n

Factors Driving Standard Chartered’s Optimism<\/span><\/h2>\n

Standard Chartered’s revised forecast is underpinned by the expectation that increased profitability for miners per Bitcoin mined will encourage them to hold onto a larger portion of their newly minted supply. <\/span><\/p>\n

Geoff Kendrick, a top FX analyst at the bank, suggests that as Bitcoin’s price approaches the $50,000 threshold, miners may reduce the proportion of BTC they sell from 100% to approximately 20-30%. This reduction in daily supply, from 900 BTC to a range of 180-270, would equate to a significant reduction in net BTC supply of roughly 250,000 BTC per year.<\/span><\/p>\n

Furthermore, Kendrick points to an upcoming event that will halve the number of BTC that can be mined each day, which is an intrinsic feature of Bitcoin’s design<\/a>. This mechanism, known as the “halving,” gradually limits the supply of new BTC to maintain scarcity and mitigate inflation.<\/span><\/p>\n

Related Reading: Dormant Bitcoin Supply Peaks As Institutional Investors Show Increased Involvement<\/a><\/div>\n

By combining the potential reduction in miner selling with the forthcoming halving, Standard Chartered anticipates an environment conducive to a sustained increase in Bitcoin’s price over the long term.<\/span><\/p>\n

\"Bitcoin
Bitcoin price is moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

Meanwhile, over the past day, Bitcoin has traded below the $31,000<\/a> level particularly, with a market price of $30,441, at the time of writing.\u00a0 Nevertheless, the asset is seeing 1% gains in the last 24 hours with a 24-hour trading volume of $10.6 billion.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Standard Chartered, one of the world’s leading banks, has raised its long-term Bitcoin price forecast, predicting that the value of the flagship cryptocurrency could reach $120,000 by the end of 2024. This upward revision comes as the bank acknowledges the potential for miners to hold a larger share of the newly minted Bitcoin supply. With the recent surge in Bitcoin’s price, Standard Chartered sees an opportunity for miners to reduce their selling activities, which could have implications for the cryptocurrency’s scarcity and future value. Miners’ Role In Bitcoin Value Proposition Miners hold a significant position within the crypto ecosystem, as they are responsible for the creation and upkeep of the network. And Standard Chartered’s forecast of Bitcoin reaching $120,000 by the end of 2024 is rooted in the notion that miners may adapt their selling practices to cover operational expenses, particularly the costs of electricity required for mining activities. Related Reading: Standard Chartered Predicts Bitcoin Could Reach $100,000 By End of 2024 By reducing the portion of newly generated Bitcoins they sell, miners can balance their cash inflows while simultaneously decreasing the overall supply of Bitcoin available in the market. This adjustment in selling behavior has the potential to impact the supply-demand dynamics of Bitcoin and potentially contribute to a surge in its value. The rationale behind Standard Chartered’s prediction lies in the assumption that miners, who currently produce approximately 900 new BTC daily on a global scale, will opt to hold onto a larger portion of their newly minted coins. By doing so, they can cover their operational costs more efficiently. If this adjustment occurs and the proportion of BTC sold by miners decreases, it could lead to a reduction in the net supply of Bitcoin by roughly 250,000\u00a0 BTC per year. Such a decrease in supply has the potential to exert upward pressure on the value of Bitcoin as demand potentially outpaces the available coins in circulation. Factors Driving Standard Chartered’s Optimism Standard Chartered’s revised forecast is underpinned by the expectation that increased profitability for miners per Bitcoin mined will encourage them to hold onto a larger portion of their newly minted supply. Geoff Kendrick, a top FX analyst at the bank, suggests that as Bitcoin’s price approaches the $50,000 threshold, miners may reduce the proportion of BTC they sell from 100% to approximately 20-30%. This reduction in daily supply, from 900 BTC to a range of 180-270, would equate to a significant reduction in net BTC supply of roughly 250,000 BTC per year. Furthermore, Kendrick points to an upcoming event that will halve the number of BTC that can be mined each day, which is an intrinsic feature of Bitcoin’s design. This mechanism, known as the “halving,” gradually limits the supply of new BTC to maintain scarcity and mitigate inflation. Related Reading: Dormant Bitcoin Supply Peaks As Institutional Investors Show Increased Involvement By combining the potential reduction in miner selling with the forthcoming halving, Standard Chartered anticipates an environment conducive to a sustained increase in Bitcoin’s price over the long term. Meanwhile, over the past day, Bitcoin has traded below the $31,000 level particularly, with a market price of $30,441, at the time of writing.\u00a0 Nevertheless, the asset is seeing 1% gains in the last 24 hours with a 24-hour trading volume of $10.6 billion. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":517328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,1144,3496,88600],"class_list":["post-542074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-btcusd","tag-prediction","tag-standered-chartered"],"acf":[],"yoast_head":"\nStandard Chartered Raises Bitcoin Forecast To $120,000, Citing Miners' Reduced Selling<\/title>\n<meta name=\"description\" content=\"Standard Chartered, one of the world's leading banks, has raised its long-term Bitcoin price forecast, predicting that the value of the...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Standard Chartered Raises Bitcoin Forecast To $120,000, Citing Miners’ Reduced Selling","url":"http:\/\/wncen.com\/news\/standard-chartered-raises-bitcoin-forecast\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/standard-chartered-raises-bitcoin-forecast\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-1.jpg?fit=350%2C250"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analysis","bitcoin","btcusd","prediction","standered chartered"],"dateCreated":"2023-07-11T11:00:41Z","datePublished":"2023-07-11T11:00:41Z","dateModified":"2024-06-11T08:10:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Standard Chartered Raises Bitcoin Forecast To $120,000, Citing Miners’ Reduced Selling\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/standard-chartered-raises-bitcoin-forecast\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/standard-chartered-raises-bitcoin-forecast\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin-1.jpg?fit=350%2C250\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analysis\",\"bitcoin\",\"btcusd\",\"prediction\",\"standered chartered\"],\"dateCreated\":\"2023-07-11T11:00:41Z\",\"datePublished\":\"2023-07-11T11:00:41Z\",\"dateModified\":\"2024-06-11T08:10:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-1.jpg?fit=350%2C250","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/542074"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=542074"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/542074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517328"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=542074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=542074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=542074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}