Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Vae embraces Bitcoin, Ibit attracts $ 1B: a global BTC shift that unfolds?

2025-05-10

Bitcoin – Price is rising by $ 100k – Bull Market officially back?

2025-05-10

XRP, Pepe Rebound underway, but Cardano and this Defi -Token look stronger: Rexas Finance

2025-05-10
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Soonchain integrates into AGNT-HUB to elevate AI-driven web3 gaming

    2025-05-10

    China’s Beijing unveils 2-year DLT Development Action Plan

    2025-05-10

    Nexera and Pinkchain unite to Tokenize € 1.1 billion real estate pipeline with Shariah-compliant products

    2025-05-10

    Mint Blockchain integrates Chainlink CCIP to feed cross-chain connectivity

    2025-05-10

    ‘Nasdaq on Solana’ vision sees progress with opening bell launch

    2025-05-10
  • NFT

    Drink-to-earn? A new sparkling water comes with an NFT and points

    2025-05-08

    Cobie says we will return if someone buys this $ 20 million NFT

    2025-05-08

    Edge Matrix, Colabs Partner to strengthen NFT -Makers

    2025-05-08

    Argentinian football club Partners with StepN to launch digital sneakers

    2025-05-05

    Pudgy Penguins #6873 Leads with Top NFT -sale worth $ 360.2k

    2025-05-04
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Bitcoin – Price is rising by $ 100k – Bull Market officially back?

    2025-05-10

    JPMorgan Chase warns US shares ‘Not a good place to verbat’ as billionaire Paul Tudor Jones Braces for fresh market Lows

    2025-05-10

    Partially completed Wave 5 says there is still room to run

    2025-05-10

    Wells Fargo increases the price target for a company of billion dollars, the shares of the company’s prognoses will increase by 52%: report

    2025-05-10

    Ethereum – Price explodes beyond $ 2,200 with a 25% increase – Momentum builds up quickly

    2025-05-10
  • Learn

    What Is Proof-of-Authority (PoA)?

    2025-05-10

    What Is Proof-of-Stake (PoS)? A Beginner’s Guide

    2025-05-09

    What Is a Layer-1 (L1) Blockchain?

    2025-05-03

    What is a Layer-2 (L2) Blockchain Network Solution?

    2025-05-02

    What Is a Layer-0 Protocol?

    2025-05-02
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Bitcoin»Can Bitcoin Tap $120,000 by 2024?
Bitcoin

Can Bitcoin Tap $120,000 by 2024?

2023-07-11No Comments5 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


  • Standard Chartered added another 20% to its previous Bitcoin forecast.
  • On-chain data showed that BTC was closer to the bottom than the top of the market.

such as Clockwork, Bitcoin [BTC] has been subject to numerous price forecasts, the latest of which comes from Standard Chartered, the leading international financial institution. In a report shared by Reuters on July 10, the bank declared a bullish prediction for Bitcoin, suggesting it could hit $50,000 by the end of 2023.


Read Bitcoins [BTC] Price prediction 2023-2024


However, the bone of contention, which had sparked debate in the crypto community, was the institution’s $120,000 forecast for 2024. Standard Chartered FX analyst Geoff Kendrick said the decision to raise the projection by 20% was due to Bitcoin miner decisions.

BTC is skyrocketing and miners are changing

In defense of his opinion, Kendrick noted that BTC’s recent jump could force miners to hoard more of the Bitcoin supply. Usually, when this happens, the demand for Bitcoin increases, leading to an increase in price.

Also, miners’ earnings will likely only increase through transaction fees, rather than the combination of block rewards and transaction fees. Kendrick, who predicted a $100,000 hit the same year earlier, said:

“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, net BTC supply decreases and BTC prices rise.”

In May, Bitcoin miners recorded a huge increase in fees generated. However, the condition at the time of writing was nowhere near the hike mentioned. And according to Glassnode, miner fees have dropped to 1.66%.

See also  Bitcoin -Walvissen sellers sell: assessment of the chance of a consolidation of $ 72k

This suggested that mining fees went extinct because the king coin could reach its total supply of 21 million. And when this happens, as Kendrick pointed out, demand would skyrocket and BTC price would skyrocket.

Close to the bottom

Kendrick also said miners’ market approach could change when the price hits $50,000. According to him, if the price reaches the milestone, miners, who recently sold 100% of their new coins, would lower the sales rate.

He said,

“However, if the price hits $50,000, they would probably only sell 20-30%. selling from 328,500 to a range of 65,700-98,550 – a reduction in the net BTC supply of about 250,000 bitcoins per year.”

You may need to evaluate the status of a few other metrics. In doing so, one of the go-to metrics is Bitcoin Market cap to Thermocap ratio. Calculated as the ratio of adjusted supply to increasing supply, the Market Cap to Thermocap Ratio shows whether the price of BTC is trading at a premium to miners’ security spending.

At the time of writing, the statistic had risen slightly to 0.00000063. But it was still at a very low point. Historically, a high value of this metric indicates a BTC market peak. So the state at the time of writing is signaling a bottom in the local market.

Of whales the Bitcoin Market Cap to Thermocap Ratio, which is constantly accumulating, shows that the coin still has huge potential to rise. However, this was no guarantee that the $50,000 or $120,000 forecast would be met.

Ratio between market cap and Bitcoin thermo cap

Source: Glassnode

BTC price action

This year, BTC has shown signs of suppressing bear expectations. And on a Year-To-Date (YTD) basis, the coin has gained more than 70%. On the technical side, BTC has been experiencing significant selling pressure lately.

See also  Bitcoin And Ethereum Are Gearing Up For A Bullish Rally! Analyst Predicts The Next Price Levels

Take for example, when the price reached $30,900 on July 6, several participants took the opportunity to grab a profit. This led to a plunge below $30,000. However, increased demand at $29,992 could neutralize seller dominance and push the price back up.

Moreso, the Awesome Oscillator (AO) had risen to 218.85. This positive reading indicates that the fast moving average was much higher than the slow moving average. So this indicates that the slight downtrend may not dominate for long.

Bitcoin [BTC] Price action

Source: TradingView

Retail is also getting ready

When analyzing other on-chain data, Santiment showed that the supply distribution has been impressive. This was because whales were not the only ones involved in accumulation. Judging by the address balance of the 0 to 10 retail cohort, accumulation also increased.

Usually, this suggests that market participants consider the $30,000 BTC to be a good buying opportunity. So the wider sentiment was that the coin price probably wouldn’t outperform it.

Bitcoin balance of addresses

Source: Sentiment

In addition, the Z-score of market value to realized value (MVRV) was 0.70. Typically, the MVRV Z-Score evaluates whether BTC is undervalued or overvalued. It does this by comparing the market value with the realized value.

When it is significantly higher, and in the red zone, the Z-Score indicates that’s a market top. But at the time of writing, the MVRV Z-Score was only slightly above the green range.

This often suggests a significantly lower market value than realized value. As such, Bitcoin’s value could be considered undervalued and a significant rally could be possible in the long run.

Bitcoin MVRV Z Score

Source: Glassnode


Realistic or not, here it is BTC’s market cap in ETH terms

See also  I've been looking at ChatGPT's Bitcoin predictions, here's what I found out

In conclusion, the likelihood of Bitcoin reaching $120,000 in 2024 or $50,000 in 2023 is something that can be debated. But from the analyzed on-chain data, a rally remains visibly possible. But when exactly it will happen cannot be determined.

Nevertheless, Standard Chartered’s forecast may have some historical support. Aside from the miner action mentioned, the price of BTC usually shoots up after every halving. So this could be a point to look at.

Source link

Bitcoin Tap
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Vae embraces Bitcoin, Ibit attracts $ 1B: a global BTC shift that unfolds?

2025-05-10

Bitcoin – Price is rising by $ 100k – Bull Market officially back?

2025-05-10

Is Bitcoin price on its way to $ 137K? Markt -Expert says that BTC broke out since November 2024

2025-05-10

Bitcoin 6-month flight plan up to $ 188,000, here is the route map

2025-05-10
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Does the NFT market wake up? An acquisition of $ 3 million leads to the debate

2025-02-18

Coinbase International witnesses a total trading volume of over $119 billion

2024-12-24

1 million Bitcoin in new whales – A Mega BTC meeting on the Horizon?

2025-03-20
Editors Picks

The FBI is cracking down on illicit crypto cash flows

2023-08-21

The Japanese metaplanet is completely on Bitcoin – collects $ 25 million after the last 555 BTC purchase

2025-05-07

Japan Urges Banks to Screen Crypto Transfers in Response to ‘Illegal Fund Transfers’

2024-02-14

Ethereum and Polygon-minted NFTs on OpenSea fall to new lows

2023-09-02
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Vae embraces Bitcoin, Ibit attracts $ 1B: a global BTC shift that unfolds?

Bitcoin – Price is rising by $ 100k – Bull Market officially back?

XRP, Pepe Rebound underway, but Cardano and this Defi -Token look stronger: Rexas Finance

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$104,464.941.47%
  • ethereumEthereum(ETH)$2,554.789.37%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.433.45%
  • binancecoinBNB(BNB)$663.95-1.08%
  • solanaSolana(SOL)$179.014.28%
  • usd-coinUSDC(USDC)$1.000.02%
  • dogecoinDogecoin(DOGE)$0.24824221.38%
  • cardanoCardano(ADA)$0.825.85%
  • tronTRON(TRX)$0.2648760.87%
  • suiSui(SUI)$4.186.57%
  • chainlinkChainlink(LINK)$17.117.06%
  • avalanche-2Avalanche(AVAX)$25.489.78%
  • stellarStellar(XLM)$0.3174387.32%
  • shiba-inuShiba Inu(SHIB)$0.00001710.51%
  • hedera-hashgraphHedera(HBAR)$0.2166407.49%
  • hyperliquidHyperliquid(HYPE)$26.477.81%
  • the-open-networkToncoin(TON)$3.547.67%
  • bitcoin-cashBitcoin Cash(BCH)$428.133.64%
  • polkadotPolkadot(DOT)$5.197.14%
  • litecoinLitecoin(LTC)$104.860.83%
  • unus-sed-leoUNUS SED LEO(LEO)$8.21-5.53%
  • moneroMonero(XMR)$325.752.50%
  • bitget-tokenBitget Token(BGB)$4.938.07%
  • pepePepe(PEPE)$0.0000137.73%
  • piPi(PI)$0.786.88%
  • daiDai(DAI)$1.00-0.01%
  • ethena-usdeEthena USDe(USDE)$1.000.01%
  • uniswapUniswap(UNI)$7.3714.03%
  • bittensorBittensor(TAO)$465.808.32%
  • nearNEAR Protocol(NEAR)$3.3414.88%
  • aptosAptos(APT)$6.139.95%
  • ondo-financeOndo(ONDO)$1.088.20%
  • aaveAave(AAVE)$225.406.87%
  • okbOKB(OKB)$55.681.04%
  • ethereum-classicEthereum Classic(ETC)$20.426.72%
  • internet-computerInternet Computer(ICP)$5.786.27%
  • kaspaKaspa(KAS)$0.1115636.78%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.28-5.54%
  • render-tokenRender(RENDER)$5.4710.59%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2688026.23%
  • crypto-com-chainCronos(CRO)$0.1039782.34%
  • vechainVeChain(VET)$0.0319956.56%
  • gatechain-tokenGateToken(GT)$22.36-0.01%
  • mantleMantle(MNT)$0.782.13%
  • ethenaEthena(ENA)$0.42717716.69%
  • arbitrumArbitrum(ARB)$0.47355425.65%
  • algorandAlgorand(ALGO)$0.2506387.72%
  • filecoinFilecoin(FIL)$3.226.41%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.897.28%
  • bitcoinBitcoin(BTC)$104,464.941.47%
  • ethereumEthereum(ETH)$2,554.789.37%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.433.45%
  • binancecoinBNB(BNB)$663.95-1.08%
  • solanaSolana(SOL)$179.014.28%
  • usd-coinUSDC(USDC)$1.000.02%
  • dogecoinDogecoin(DOGE)$0.24824221.38%
  • cardanoCardano(ADA)$0.825.85%
  • tronTRON(TRX)$0.2648760.87%
  • suiSui(SUI)$4.186.57%
  • chainlinkChainlink(LINK)$17.117.06%
  • avalanche-2Avalanche(AVAX)$25.489.78%
  • stellarStellar(XLM)$0.3174387.32%
  • shiba-inuShiba Inu(SHIB)$0.00001710.51%
  • hedera-hashgraphHedera(HBAR)$0.2166407.49%
  • hyperliquidHyperliquid(HYPE)$26.477.81%
  • the-open-networkToncoin(TON)$3.547.67%
  • bitcoin-cashBitcoin Cash(BCH)$428.133.64%
  • polkadotPolkadot(DOT)$5.197.14%
  • litecoinLitecoin(LTC)$104.860.83%
  • unus-sed-leoUNUS SED LEO(LEO)$8.21-5.53%
  • moneroMonero(XMR)$325.752.50%
  • bitget-tokenBitget Token(BGB)$4.938.07%
  • pepePepe(PEPE)$0.0000137.73%
  • piPi(PI)$0.786.88%
  • daiDai(DAI)$1.00-0.01%
  • ethena-usdeEthena USDe(USDE)$1.000.01%
  • uniswapUniswap(UNI)$7.3714.03%
  • bittensorBittensor(TAO)$465.808.32%
  • nearNEAR Protocol(NEAR)$3.3414.88%
  • aptosAptos(APT)$6.139.95%
  • ondo-financeOndo(ONDO)$1.088.20%
  • aaveAave(AAVE)$225.406.87%
  • okbOKB(OKB)$55.681.04%
  • ethereum-classicEthereum Classic(ETC)$20.426.72%
  • internet-computerInternet Computer(ICP)$5.786.27%
  • kaspaKaspa(KAS)$0.1115636.78%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.28-5.54%
  • render-tokenRender(RENDER)$5.4710.59%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2688026.23%
  • crypto-com-chainCronos(CRO)$0.1039782.34%
  • vechainVeChain(VET)$0.0319956.56%
  • gatechain-tokenGateToken(GT)$22.36-0.01%
  • mantleMantle(MNT)$0.782.13%
  • ethenaEthena(ENA)$0.42717716.69%
  • arbitrumArbitrum(ARB)$0.47355425.65%
  • algorandAlgorand(ALGO)$0.2506387.72%
  • filecoinFilecoin(FIL)$3.226.41%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.897.28%