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, 30% margin call, 0.01 lot minimum transaction size with no maximum — 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 ASIC Rules 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.
Latest articles
AMZN Stock Analysis: 4 Reasons to Doubt the Bullish Outlook
After the Fed signaled last week that rates may be higher for longer than expected, the US stock market has received a strong bearish boost. And among the most vulnerable assets were technology stocks (considered risky). The NASDAQ index has
Inflation Still Dogs the Economy: What Are the Central Banks Doing About It?
High inflation continues to grip European economies, putting central banks in a tight spot as they grapple with the triple dilemma of slowing growth, persistent inflation, and the impact of unprecedented rate hikes. In September, we witnessed a shift in
Unveiling Market Sentiment in Trading
Understanding the market's pulse can offer traders a significant edge. The market is driven by human psychology, and by grasping the prevailing mood, traders can position themselves more effectively. This article will delve into various methods and indicators that offer