Bitcoin may hit $120,000 by the tip of 2024: Customary Chartered

• Customary Chartered analyst sees one other 60% upside in Bitcoin this yr.
• Geoff Kendrick defined his bullish view on BTC in a analysis observe at this time.
• Bitcoin is already up a whopping 85% because the begin of the yr 2023.

The huge rally in Bitcoin because the begin of this yr is only a drop within the bucket in comparison with the place it’s headed, as per a Customary Chartered analyst.

BTC may climb one other 60% this yr

On Monday, Geoff Kendrick stated the world’s largest cryptocurrency may climb additional to $50,000 by the tip of 2023 which suggests one other 60% upside from right here.

The analyst is satisfied {that a} continued enhance within the worth of BTC will make it rewarding for miners to inventory big quantities of it. Decreased web provide, in return, will assist the cryptocurrency attain for the skies, he added.

If BTC rises [as] we count on by end-2023, share of newly mined being bought ought to fall to twenty%-30%. That’s a web annual discount in promoting of BTC 250,000.

Bitcoin provide is ready to halve subsequent yr

Word that the entire provide of Bitcoin is scheduled to halve in April or Could of 2024.

The Customary Chartered analyst sees a number of different elements serving to unlock important upside in BTC subsequent yr. One among them is the current banking disaster. Earlier this yr, he had forecast Bitcoin at $100,000 by the tip of 2024. In a observe at this time, although, Kendrick stated:

We now assume this estimate is simply too conservative, and we, due to this fact, see a 20% upside to our end-2024 goal.

That primarily means Bitcoin may hit $120,000 subsequent yr. The cryptocurrency is anticipated to learn if the Securities and Alternate Fee greenlights a Spot Bitcoin ETF that many asset managers, together with BlackRock, have not too long ago filed for.