Bitcoin’s price is likely to reach $50,000 by the end of this year and has upside above $100,000 by the end of 2024, according to Geoff Kendrick, head of...
Bitcoin’s price is likely to reach $50,000 by the end of this year and has upside above $100,000 by the end of 2024, according to Geoff Kendrick, head of crypto research at Standard Chartered Bank.
In a previous note in April, Kendrick said he expected bitcoin BTCUSD to rise to $100,000 by the end of 2024, citing turbulence in the banking sector and other factors, including stabilization in broader risky assets, improved profitability for bitcoin miners, the upcoming bitcoin halving event, progress in global regulation, institutional investor interest and decline in volatility in bitcoin prices.
“Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” according to Kendrick.
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