DIKSIA.COM - NEW YORK, Multinational banking services provider Standard Chartered Bank predicts that Bitcoin's price will surge sharply in late 2024 until it breaks the $120,000 price range, or about IDR 1.8 billion.
Standard Chartered, in its written report cited by Reuters, explained that there are a number of triggers that could push Bitcoin prices higher over the next year, namely due to investor wait-and-see action.
Crypto investors will be more inclined to scale back bitcoin token sales volume as buying activity increases in global markets. This then causes the supply of Bitcoin in the cryptocurrency market to run out, so the price of Bitcoin is gradually increasing as this coin is increasingly viewed as the most promising investment asset.
This price increase has also had a positive impact on crypto miners' income, as an increase in the BTC price can increase the miners' revenue stream to 6.25 BTC for each block they mine.
“Higher profitability for miners per BTC mined means they can sell less while maintaining cash inflow, reducing the supply of BTC and pushing up the price of BTC,” Standard Chartered analyst Geoff Kendrick wrote in the Report.
Predicting a surge in bitcoin price is nothing new before multinational bank Standard Chartered released its forecast. Cathie Wood, founder of Ark Investment Management, predicted last year that Bitcoin would rally back to around $1 million in 2030.
Bitcoin shows a positive performance
Bitcoin's popularity in crypto coin trading over the past few months continues to show a positive trend until it is named the most profitable crypto asset in 2023.
This rating was set for Bitcoin after this one crypto coin experienced massive growth in the first quarter of 2023, shooting up to 71.77 percent.
With this surge, Bitcoin has successfully recorded its 230 percent growth in the past 12 years since 2011, to be precise. According to Finance Magnate, even the growth rate of Bitcoin is said to be 10 times higher than that of the Nasdaq 100 index.
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