Standard Chartered Bank Expects BTC to Hit $50,000 in 2023.

Standard Chartered Bank has forecast that the price of Bitcoin (BTC) could reach $50,000 by the end of 2023.

Overview:

The bank's analysts think that several factors, such as increased institutional adoption, rising inflation, and the ongoing war in Ukraine, are driving the recent rally in Bitcoin prices.

Standard Chartered's forecast is based on the assumption that the current supply and demand dynamics for Bitcoin will remain relatively unchanged over the next year. The bank's analysts believe that the increasing number of institutional investors who are buying Bitcoin will help to support prices, while the rising inflation rate will make Bitcoin an attractive investment for those seeking to protect their wealth from inflation.

Read More: Bitcoin Miners Earn Record $128M for Crypto Exchanges, According to Glassnode Reports

Of course, it is important to remember that any forecast for the future price of Bitcoin is just that—a forecast. Several factors could impact the price of Bitcoin in the coming months and years, and it is impossible to predict with certainty what the price will be at any given time.

Standard Chartered Bank, a respectable financial institution with over $800 billion in assets, thinks Bitcoin's price might reach $50,000 by the end of 2023. This announcement comes amid current debates about how best to regulate cryptocurrencies and how to incorporate them into existing financial markets.

The Securities and Exchange Commission (SEC) has been extremely cautious about approving any cryptocurrency; therefore, it has repeatedly shot down proposals for Bitcoin Exchange-Traded Funds (ETFs) that are not based on futures contracts. Standard Chartered believes that "the future of Bitcoin is still bright, despite this regulatory obstacle."

In April, the bank indicated its long-term optimism in digital assets by predicting that Bitcoin would reach $120,000 by the end of 2024. Geoff Kendrick, a well-known expert in foreign exchange markets, has revised the bank's Bitcoin price prediction upward by 20%.

Kendrick's research takes into account the recent uptick in institutional interest in Bitcoin, which was catalyzed in part by the application of investment giant BlackRock to U.S. authorities on June 15 for a Bitcoin spot ETF. The announcement that BlackRock is looking at a Bitcoin exchange-traded fund (ETF) sent shockwaves across the financial industry, with several major players finally recognizing the growing importance of cryptocurrencies.

BlackRock's investment in Bitcoin, according to Jordan Major, a cryptocurrency analyst at CoinGape, has propelled the digital currency to the forefront of traditional finance, which currently has over $800 billion in assets. If approved, the Bitcoin ETF would provide a more regulated and accessible entry point for investors interested in Bitcoin's potential.

Despite Standard Chartered's Prediction, the Bitcoin Market Continues to Function Normally.

Standard Chartered's prediction suggests a shift in market sentiment, notwithstanding the SEC's cautious position against Bitcoin ETFs based on futures contracts. The bank is confident in Bitcoin's future appreciation because of its increasing acceptance by financial institutions and its potential use as a hedge against inflation and economic instability.

The recent prediction from Standard Chartered adds to the growing optimism about Bitcoin's future as the cryptocurrency debate heats up. If the prediction holds, the value of digital currency will reach $50,000 by the end of 2023, marking its arrival as a bona fide asset class within the international monetary system.

The Securities and Exchange Commission (SEC) has reportedly repeatedly rejected proposals for BTC exchange-traded funds (ETFs), notably those that did not include futures contracts. Possible market manipulations in the spot BTC market have been related to this development.

By reaching an agreement with Nasdaq on the planned Exchange Traded Fund (ETF) listing platform, BlackRock has taken action that is both concrete and effective at addressing these worries. The "surveillance-sharing" of a Bitcoin trading platform is included in the aforementioned agreement.

BlackRock's ETF proposal also includes the launch of EDX Markets, a new sort of digital asset targeted at institutional investors. By digging deeper into EDX Markets' offerings, you'll find that it has the support of industry heavyweights like Citadel Securities, Fidelity, and Charles Schwab.

Read More: Bitcoin ETFs: Enter the Cryptoverse Without Purchasing

Meanwhile, it has been observed that the monthly Moving Average Convergence Divergence (MACD) shows a green indication, together with the inflows of cryptocurrency assets for three consecutive weeks, all of which paint a favorable picture for the price of BTC. According to data compiled by CoinGape, investors in cryptocurrency assets made a net profit of $136 million last week.

The current price of Bitcoin, based on BTC market performance, was traded at $30,193 in the last 24 hours; however, it has been trading in a range between $29,985 and $30,427. There was a 30% rise in volume throughout the last 24 hours as well.

However, Standard Chartered's forecast is based on several factors that the bank's analysts believe are likely to support Bitcoin prices shortly. If these factors continue to play out, then it is possible that Bitcoin could indeed reach $50,000 by the end of 2023. 


DivineMercy

190 Blog posts

Comments