Market Analysis: Standard Chartered Predicts Bitcoin at $120k

FXOpen

The value of the largest cryptocurrency could reach USD 50,000 this year and USD 120,000 by the end of 2024, according to analysts at Standard Chartered, Reuters reports.

Note that earlier, bank analysts predicted that the cost of BTC at the end of 2024 would be USD 100,000, but now they have increased their forecast for the price of bitcoin by 20%, based on the assumption of a change in the behavior of miners that can limit the supply of bitcoins as its price rises.

Time will tell how true the bitcoin price forecast for 2024 from Standard Chartered will be, but on the BTC/USD chart today there is an argument in favor of the fact that the forecast can be realized. This is the nature of price action around the USD 30k psychological level.

Compare 2 periods when the price of bitcoin exceeded USD 30k.

In April, the price met strong resistance only USD 500 higher, and a week after the breakdown of USD 30k, it rushed down.

And now is the second period, which began on June 21 and continues to last. The level of immediate resistance above the psychological level is already higher — at around 31k, and the price of bitcoin has not fallen (except for short-term punctures) below USD 30k for almost 3 weeks.

The comparison shows that the bulls are getting more of an edge at the USD 30k level, in other words, the market is shifting in favor of demand forces. And this is optimistic for Standard Chartered's USD 120k bitcoin price prediction.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under AFSL 412871 – ABN 61 143 678 719 respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Forex Analysis

GBP/USD Analysis: Pair Finds Support at Psychological Level

As the GBP/USD chart shows today:
→ Since the start of the month, the pound has declined by approximately 2.5% against the US dollar.
→ The 1.2618 level has shifted from support to resistance (as indicated by arrows).

Bearish

Shares

Moderna (MRNA) Stock Rises 7.5% in a Single Day

Last week, shares of several major European and American vaccine manufacturers dropped in response to the appointment of Robert F. Kennedy Jr. as head of the Department of Health and Human Services, given his well-known anti-vaccine stance.

This added pressure

What Is the Difference Between Brent and WTI Crude Oil for Traders?
Trader’s Tools

What Is the Difference Between Brent and WTI Crude Oil for Traders?

Brent Crude and WTI are two of the most important oil benchmarks in the world, influencing global markets and trading strategies. While both represent high-quality crude, they differ in origin, composition, pricing, and market dynamics. This article explores questions like

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.