{"id":12601,"date":"2023-07-10T16:45:19","date_gmt":"2023-07-10T16:45:19","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=12601"},"modified":"2023-07-10T16:45:20","modified_gmt":"2023-07-10T16:45:20","slug":"standard-chartered-matrixport-foresee-bitcoin-hitting-120k-next-year","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12601","title":{"rendered":"Standard Chartered, Matrixport foresee Bitcoin hitting $120k next year"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>International bank Standard Chartered predicted that Bitcoin&#8217;s (BTC) price could end the year as high as $50,000 and reach $120,000 by next year, according to a July 10 Reuters report.<\/p>\n<p>Standard&#8217;s Chartered prediction is congruent with Matrixport, a crypto financial services platform that predicted BTC&#8217;s price to reach $125,000 by 2024 in a report shared with <em>CryptoSlate<\/em> on July 6.<\/p>\n<p>Markus Thielen, the head of research and strategy at Matrixport, said:<\/p>\n<p>&#8220;If history is any guide, then there is now a 100% probability that by the end of 2024, Bitcoin will experience another massive bull market with a price target of $125,000 (+310%).&#8221;<\/p>\n<h2>Standard Chartered highlights miners&#8217; role<\/h2>\n<p>Standard Chartered noted the critical role BTC miners could play in this potential upward price movement.<\/p>\n<p>According to Geoff Kendrick, one of the bank&#8217;s FX analysts, BTC&#8217;s price could increase because miners&#8217; profitability has risen, and they are not pressured to sell. Kendrick reportedly said:<\/p>\n<p>&#8220;Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.&#8221;<\/p>\n<p>Last year, BTC miners were one of the cohorts badly affected by the record-low market situation that led to the capitulation of several crypto firms, including FTX and others.<\/p>\n<p>However, BTC miners appear to have bucked the trend this year, as many are in better financial health. The COO at Luxor Technologies, Ethan Vera, estimated that miners&#8217; debt has reduced to around $4.5 billion to $6 billion from the $8 billion recorded in 2022.<\/p>\n<p>Most miners who sold their BTC this year aimed to secure profits by taking advantage of the recent price surge. According to <em>CryptoSlate&#8217;s<\/em> data, BTC has grown by over 70% on the year-to-date metric.<\/p>\n<h2>Institutional interest in BTC soars<\/h2>\n<p>Besides miners, traditional financial institutions could also play an essential role in BTC&#8217;s price movement.<\/p>\n<p>In June, the industry witnessed a flurry of spot BTC ETF applications from legacy institutions triggered by BlackRock&#8217;s application. Further, crypto ETPs have recorded three consecutive weeks of inflows, as per CoinShares<\/p>\n<p>Since then, positive market sentiments as returned to the market, with the flagship digital asset rising to a yearly high of $31,500 before retracing to its current levels of $30,279 at the time of writing.<\/p>\n<p>The post Standard Chartered, Matrixport foresee Bitcoin hitting $120k next year appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/standard-chartered-matrixport-foresee-bitcoin-hitting-120k-next-year\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>International bank Standard Chartered predicted that Bitcoin&#8217;s (BTC) price could end the year as high as $50,000 and reach $120,000 by next year, according to a July 10 Reuters report. Standard&#8217;s Chartered prediction is congruent with Matrixport, a crypto financial services platform that predicted BTC&#8217;s price to reach $125,000 by 2024 in a report shared [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-12601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12601"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12601\/revisions"}],"predecessor-version":[{"id":12603,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12601\/revisions\/12603"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12602"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}