The miners are preparing for the next bitcoin halving. According to a report by Standard Chartered Bank, this is causing the BTC supply to drop and the price to explode.
- Bitcoin price could reach $50,000 by the end of the year and $120,000 by the end of 2024. This is reported by Reuters and refers to a research report by Standard Chartered Bank .
- As recently as April, the British multinational bank was forecasting a Bitcoin price of $100,000. However, this estimate is too conservative and one sees an improvement in the forecast for the end of 2024, according to the latest report.
- “The reason for this is that miners not only keep the Bitcoin ledger, but also play a key role in determining the net supply of newly mined BTC,” it continues.
- This is reducing bitcoin supply while demand is increasing, according to Standard Chartered Bank. The upcoming Bitcoin halving next year is also crucial for price growth.
- Bitcoin is up 80 percent year-to-date and is trading at $30,526 at press time.
The Coin Republic thinks “Bitcoin Hits the Bull’s Eye at $30K”
- Bitcoin price crosses the $30,000 threshold after a bullish breakout.
- The price breached the bullish flag pattern.
- Trading volume rose by more than 90% in 24 hours.
Bitcoin, after a delayed recovery, finally reclaimed the $30,000 threshold, breaking out of the bullish flag. BTC price fell under a severe downtrend in 2022 and began to recover at the beginning of 2023. The fall of 2022 broke several supports and created lower resistances with each dip. The falling prices made the market highly volatile and recorded bulk sell-offs for several weeks, spanning the year. Bitcoin price starts to recover and form a relief rally, reaching the $30,000 milestone.
Bitcoin up the Ladder
BTC price broke out of the bullish flag visible after the uptrend formed, taking support at $20,000.00. The trading volume suggests a spike in buyer interest in Bitcoin after claiming the $30,000 price level. The Bollinger Bands diverge sharply to indicate a breakout. So far, the BTC price has rallied more than 80% this year despite the bear market.
Bitcoin raced towards $30,000, marking a 10-month high. The current price action occurs above the EMA ribbon, indicating bullish momentum. The OBV is expected to give delayed reactions once the bullish momentum prevails. (Also Read: Smallest blockchain in a daily comparison among the top performers i.e Mina)
The BTC price rally established a bullish outlook for the crypto market, as Bitcoin is among the crypto leaders. The Super Trends show a spike in bullish trend caused by the breakout. It also indicates that the bull trend may remain active long-term and aim for higher price levels. The RSI reaches the overbought zone as the buyers are overwhelmed by the price surge. The MACD converges and forms a positive cross post-convergence. The positive cross displays buyer-supportive participation in the market.
Next Step Up
In the smaller time frame, BTC price rally may start to encounter sellers who wish to book profits with the price rise. The staggered rise may still display bullish attributes as it may continue to rise. The RSI rises to a higher range of 80 to suggest a buyer-dominant market. The MACD widely diverges under the bullish influence and records tall buyer bars. The smaller time frame shows hyper-bullish signals for BTC price action.
BTC price reached $30,000, marking a 10-month high after the fall of 2022. The recovery sets new targets for $35,000 after this new milestone. The buyers crowd the market and establish their dominance. The price can soon aim to breach the resistance near $30,350.50.