The value of the cryptocurrency Bitcoin (BTC) could reach $50,000 this year and $120,000 by the end of 2024as he said Standard Charteredwhich predicted that the recent rise in its price could encourage “miners” of the leading cryptocurrency to hog more supply.
The bank had published in April a forecast of $100,000 for him BTC at the end of 2024, considering that the so-called “cryptowinter” had finishedbut one of the bank’s top currency analysts, Geoff KendrickHe said there was now a 20% “up” in that projection.
“The increased profitability of Bitcoin miners means that they can sell less and keep the cash inflowsreducing the net supply of Bitcoin and pushing prices up”Kendrick said in a report.
The crypto sector tanked after the price collapsed at the end of 2021
The price of BTC has skyrocketed 80% since the beginning of the yearbut its current level of just over $30,200 is still less than half the $69,000 it hit in November 2021.
Billions of dollars disappeared from the cryptocurrency sector in 2022, when Central Banks raised rates and a number of cryptocurrency companies, such as the FTX exchange, imploded. However, the collapse this year of several traditional banks has fueled the rally.
According to Standard Charteredthe reason for the expected price rise is that the miners who mint the 900 new Bitcoin that are produced every day around the world soon they will need to sell less to cover their costsmainly the electricity they need to power supercomputers.
Kendrick estimates that miners have recently been selling 100% of their new coins. However, if the price hit $50,000 they would probably only sell 20-30%.
“It’s the same as miners reducing the amount of BTC they sell per day to just 180-270 from the current 900”.
How much does Bitcoin operate, this Monday, June 10
This Monday, the Bitcoin advances 0.2% in the last 24 hours, up to US$30,348 and ethereum It advances 0.4% in the same period of time and operates at US$1,800.
The others stablecoins are trading low in the last 24 hours. Litecoin falls 1.7% and Solana 1.2%.
Source: Ambito
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