False Hype or Reality? Bitcoin (BTC) at $120K by 2025, Says Standard Chartered

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Standard Chartered, a prominent British multinational bank, has made audacious predictions regarding Bitcoin (BTC), causing a stir in the financial world. The bank’s optimistic outlook has garnered attention from major news outlets such as Reuters and Bloomberg. According to Standard Chartered, BTC has the potential to reach $50,000 by the end of this year and soar to $120,000 by 2024.

Brace yourselves for an exhilarating ride.

Bank Analyst Make a Bold Claim

Standard Chartered’s analysts have built their bold predictions on an intriguing premise. They believe that the upward surge in the Bitcoin price could act as a catalyst for Bitcoin miners to adopt a strategic approach, leading to the accumulation of a larger share of the newly minted coins. This assertion not only showcases the bank’s confidence in the future of Bitcoin but also suggests a potential shift in the behavior of those driving the cryptocurrency ecosystem.

Drawing on their analysis from April of this year, Standard Chartered confidently declared the end of the infamous “crypto winter” in their Bitcoin forecast for 2022. This earlier prediction has laid the groundwork for the bank’s current bullish stance, further fueling the prevailing optimism surrounding Bitcoin’s future.

Related: Bitcoin Halving 2024: Are Miners on the Brink of Extinction?

Bitcoin is Grabbing Eyeballs

Bitcoin’s performance this year has been nothing short of exceptional, surpassing even the Nasdaq Composite index. The digital currency has surged by a staggering 83%, leaving traditional markets in its wake. Such phenomenal growth has not gone unnoticed, drawing renewed interest and resulting in the creation of new Bitcoin wallets.

Bitcoin Market Outlook: Correction on the Cards?

Ali Martinez, a leading crypto analyst, has been closely monitoring the cryptocurrency landscape, and recent observations have added to the excitement. Martinez highlights a significant increase in the number of newly created Bitcoin wallets, signaling a potential game-changer. If this trend continues and wallet growth remains steady, it could trigger substantial price spikes, further enhancing Bitcoin’s allure and future trajectory.

However, seasoned analyst Michael van de Poppe provides a balanced perspective, suggesting that Bitcoin may experience a temporary correction before continuing its upward trajectory. Van de Poppe advises caution, noting the possibility of Bitcoin seeking lower price levels to generate liquidity. While this cautious viewpoint may temper some of the excitement, it emphasizes the well-known volatility inherent in the cryptocurrency market.

Presently, Bitcoin is trading at $30,153, experiencing a slight dip from its recent peak above the $31,000 mark. Nevertheless, market participants remain captivated, closely monitoring Bitcoin’s performance as the digital currency’s potential ascent unfolds.

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