Standard Chartered Bank: Miners Reducing Bitcoin Sales
Date: 2023-12-01 Author: Dima Zakharov Categories: IN WORLD
Miners' Impact on Bitcoin's Price Surge
Standard Chartered Bank's recent analysis into Bitcoin miner activity suggests a noteworthy trend - a reduction in Bitcoin sales. This revelation hints at a significant upturn in Bitcoin's value, speculated to reach $120,000 by the year 2024. According to the bank's findings, this year's Bitcoin value could fluctuate between $50,000 and $100,000, bolstering the anticipation for an upcoming surge.
Analyst Predictions and Market Triggers
This isn't the first time analysts at Standard Chartered Bank have foreseen a substantial hike in Bitcoin's value. Back in April, they had identified potential triggers, including the March banking crisis in the US, predicting a maximum price point of $100,000 for the current year. Subsequent adjustments in July initially lowered this projection to $50,000, but later escalated it to $120,000, firmly confirmed in the bank's November forecast.
Miner Role and Market Impact
The increasing profitability of Bitcoin mining due to upgraded equipment has resulted in miners holding onto more of their mined Bitcoin. Standard Chartered Bank asserts that this trend will likely continue, further reducing Bitcoin sales. Moreover, with the anticipated Bitcoin blockchain halving in the coming spring, which will halve the issuance of the primary cryptocurrency, this trend is expected to intensify.
Additional Market Factors
Standard Chartered Bank also highlights the potential approval of a Bitcoin ETF in the US in 2024 as an additional trigger for Bitcoin's price surge.
