Bitcoin (BTC), the world’s largest cryptocurrency, is poised to achieve remarkable milestones in the upcoming years.
Standard Chartered Bank has revised its price forecast, suggesting that Bitcoin has the potential to surge to $50,000 by the end of this year and an impressive $120,000 by the end of 2024.
This revised projection demonstrates a more optimistic outlook compared to their previous estimate of $100,000. The bank attributes their increased optimism to various factors, including the banking-sector crisis and enhanced miner profitability.
Bitcoin has already witnessed an 80% surge since the beginning of the year, currently trading at approximately $30,100, indicating significant potential for further growth.
As miners become more profitable, they are likely to reduce their output, leading to a decline in net Bitcoin supply and ultimately driving up prices.
The future of Bitcoin appears promising, however, unpredictable Bitcoin price movements make it challenging to forecast, particularly over extended periods.
But what lies ahead for the rest of the year? The answer lies in monetary policy, crypto regulations, and a groundbreaking decision from the Securities and Exchange Commission.
The easing of inflation, BlackRock ETF filing, and the Federal Reserve’s decision to halt interest rate hikes in June all contributed to the Bitcoin rally.
Moreover, a U.S. banking crisis in early 2023 sparked concerns regarding the conventional banking system, resulting in bitcoin prices surpassing $30,000 in April 2023 for the first time in nearly a year.
Despite regulatory crackdowns on crypto exchanges, bitcoin investors have largely disregarded them, and with valid reasons.
With ongoing interest rate hikes, vulnerabilities in the banking sector, and apprehensions surrounding the debt ceiling, investors now perceive bitcoin as a distinctive and secure asset, impervious to market uncertainties.
Bank of Canada Interest Rate Decision: Experts Predict a 25 bps Increase to 5.00%
On Wednesday, July 12th at 14:00 GMT, the Bank of Canada will reveal its highly anticipated Interest Rate Decision. Economists and researchers from eight major banks have weighed in on their forecasts, and the anticipation is building.
Contrary to previous suggestions of a pause, experts are predicting that the BoC will make a bold move and raise rates by 25 basis points (bps) to 5.00%.
This decision will be even more significant as it will be accompanied by a Monetary Policy Report, providing updated insights into the economy and inflation projections.
Stay tuned for our comprehensive coverage of this exciting announcement from the Bank of Canada, featuring the latest updates and expert analysis.
Euro Stumbles Against US Dollar as Economic Sentiment Sours
European stocks maintain positive momentum while the euro retreats from a two-month high against the US dollar.
Germany’s final inflation figures align with preliminary readings, but economic sentiment disappoints. The risk-off sentiment and rebounding US dollar contribute to the euro’s decline.
Despite this, strong US economic indicators support expectations of a Federal Reserve rate hike. The European Central Bank is also expected to raise rates later this month.
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