BCH, Solana, Litecoin, Mina & Bitcoin: Pro’s $2T Price Forecast
According to an analyst at Standard Chartered, Bitcoin (BTC) price could surge to $120,000 by 2024. This comes after Bitcoin’s impressive performance in 2023. Despite recent consolidation, analysts believe that there is still more upside potential for Bitcoin in the coming months.
One of the major catalysts for Bitcoin’s potential growth is the possibility of a Bitcoin exchange-traded fund (ETF). Many analysts expect the US Securities and Exchange Commission (SEC) to approve one or more of the recent proposals by companies like Blackrock and Invesco. If this happens, it could attract a significant amount of institutional investment into Bitcoin.
Another catalyst for Bitcoin is the upcoming halving event, scheduled for April 2024. Historically, Bitcoin tends to rally leading up to a halving event. This can be seen in the performance of other cryptocurrencies, such as Litecoin, which experienced a surge in price following its halving in August.
The analyst from Standard Chartered believes that Bitcoin’s price could benefit from reduced miner activity. If miners reduce the amount of Bitcoin they sell per day, it could significantly reduce the net supply of BTC. This reduction in supply could drive up the price of Bitcoin.
If Standard Chartered’s prediction of a $120,000 Bitcoin price by 2024 is accurate, it would result in a market cap of over $2.3 trillion for the cryptocurrency. This would further solidify Bitcoin’s position as the leading digital asset.
Furthermore, if Bitcoin’s price surges, it is likely that other altcoins will also experience significant growth. Coins like Litecoin and Bitcoin Cash, which are both due for halving events, could benefit from increased investor interest. These altcoins have already seen impressive gains in recent months and could continue to rally alongside Bitcoin.
In addition to Litecoin and Bitcoin Cash, other cryptocurrencies like Compound, Solana, Mina, and Internet Computer (ICP) could also see gains. The close correlation between cryptocurrencies means that when Bitcoin performs well, it often has a positive impact on the broader crypto market.
Overall, the analyst’s bullish prediction for Bitcoin suggests that the cryptocurrency market could see substantial growth in the coming years. Investors will be closely watching for developments on the ETF front and the upcoming halving events, as they could be key drivers of Bitcoin’s price performance.