Experts forecast Bitcoin to reach $120,000 by end-2024

Bitcoin could top $50,000 this year, and by the end of next year it could reach $120,000. The forecast was made by analysts at Standart Chartered, according to Reuters.

“The increase in miners’ profitability per BTC mined means they can sell less while maintaining cash flow, which reduces the asset’s net supply and leads to higher prices,” said analyst Jeff Kendrick.

In the April forecast, Standart Chartered forecasted Bitcoin to reach $100,000 by the end of 2024.

23 июня цена первой криптовалюты surpassed $31 000, however on 6 July the quotes tested the $30,000 support level.

As of writing, the asset was trading near $30,200. According to CoinGecko, it fell 0.2% over the last 24 hours.

Earlier, Matrixport said Bitcoin could rise to $125,000 by the end of 2024.

Former BitMEX CEO Arthur Hayes believes that Bitcoin will surpass $760,000 by 2025-2026.

On June 20, analytics firm Nansen concluded that for the start of a Bitcoin bull market, regulatory clarity in the United States and a sustained decline in core inflation are needed.