UK-based banking and financial services firm Standard Chartered said the “crypto winter” is now over. Finance experts are making 6-digit predictions for Bitcoin price by the end of 2024.
Standard Chartered shares 2024 targets for Bitcoin price
The UK financial firm claimed on Monday that the “crypto winter” was drawing to a close. He made a $100,000 prediction for the Bitcoin price at the end of 2024.
Geoff Kendrick, head of digital asset research at Standard Chartered, said in a note that Bitcoin could profit from factors such as the recent turmoil in the banking industry, the stabilization of risk assets as the US Federal Reserve ends its cycle of rate hikes, and the increased profitability of crypto mining.
Bitcoin may surpass $100,000 this year
In recent years, Bitcoin has taken the financial world by storm. It has attracted significant attention from both investors and traders. But, throughout the process, it has seen its fair share of ups and downs. In his new analysis, a trader named BitQuant suggests that the trend will change very soon.
On February 20, BitQuant shared a forecast showing that Bitcoin has completed its last pullback before going to the moon. According to the tweet, the aforementioned projection does not just wait for the 10-week EMA to be retested before it enters an upward phase. If correct, this projection shows that the new bottom before the all-time high will be in the $29-30 range.
The analyst also predicts that the only significant level of resistance that Bitcoin should break in 2023 is $160,000. The tweet states that Bitcoin has no other major resistance levels this year that require serious discussion. BitQuant is confident that Bitcoin will reach this level. In his analysis, he says he won’t start to worry until BTC reaches this level.
The tweet drew the thoughts of many investors in the Bitcoin community on the matter. Some are skeptical of BitQuant’s prediction. Others believe that BTC could still face significant volatility in the coming months. Others, however, are more optimistic and see the projection as a sign of good things to come for Bitcoin.
How is the Bitcoin price? Which way do traders bet?
Bitcoin’s price has experienced a significant uptrend over the past three months. However, recent market performance is leading to a drop in investor confidence. According to crypto analytics firm Arkham Intelligence, Andrew Kang is taking huge shorts against BTC. Andrew Kang is an institutional investor and co-founder of crypto investment firm Mechanism Capital.
The overall market trend reflected Andrew’s sentiments. According to data from Coinglass, the percentage of short positions taken against BTC has increased from 47% to 50.6% over the past few days.
Although traders sentiment towards BTC is bearish, individual investors continue to accumulate BTC. This was in line with Glassnode’s data, which said that the number of addresses holding more than 0.1 cryptocurrencies had reached the ATH level of 4.3 million.
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