Experts allowed bitcoin to rise to $120,000 by the end of 2024

What is bitcoin and how does it work in simple terms
What is bitcoin and how does it work in simple terms

The price of bitcoin may exceed $50,000 this year, and by the end of next year it will reach $120,000. This forecast was made by analysts at Standard Chartered Bank, Reuters reports.

“Increasing miners’ returns per BTC mined means they can sell less while keeping cash flowing in, which reduces the asset’s net supply and pushes up the price of the asset,” said analyst Jeff Kendrick.

In the April forecast, Standard Chartered specialists predicted that Bitcoin would reach $100,000 by the end of 2024.

On June 23, the price of the first cryptocurrency exceeded $31,000, but on July 6, quotes tested the support level of $30,000.

At the time of writing, the asset is hovering near $30,200. According to CoinGecko, it has fallen by 0.2% overnight.

Experts Predict Bitcoin Growth to $120,000 by the End of 2024
Hourly BTC/USDT chart on Binance exchange. Data: Trading View.

Recall that Matrixport analysts announced the growth of bitcoin to $125,000 by the end of 2024.

Former BitMEX CEO Arthur Hayes believes that the first cryptocurrency will overcome $760,000 by 2025-2026.

On June 20, analytics firm Nansen concluded that the start of a Bitcoin bull market requires regulatory clarity in the US and a steady decline in core inflation.

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