As reported by CoinDesk, there was an important statement from specialists from Standard Chartered Bank a few days ago. It says that in the case of launching bitcoin-ETF and widespread adoption of cryptocurrencies, BTC is able to reach a price of $120,000. And it could happen by the end of next year.
Many experts – for example, Jeff Kendrick – claim that the catalyst for the rapid growth of BTC will also be the upcoming halving. Statistics show that when miners receive half as much cryptocurrency for adding blocks to the chain, the price of the asset begins to increase.
However, BTC is not the only digital coin that is expected to grow rapidly. Two new projects – Bitcoin ETF and Bitcoin Minetrix – are also capable of bringing investors significant profits.
Will BTC grow to $50,000 by the end of 2023?
Standard Chartered Bank first announced the end of the cryptozyme back in April of this year. At that time, there were also statements about the upcoming growth of BTC to the mark of $120,000. However, throughout the summer and early fall, the main digital coin was in stagnation. This significantly reduced the pace of its development. Now, leading experts suggest that the asset still has a chance to grow to at least $50,000 by the end of this year.
A number of shocks in the market have come to an end. Now the token is ready to rise significantly in price amid the hype around the bitcoin-ETF. In addition, last month analysts from Matrixport predicted that BTC is able to overcome the $40,000 mark. According to experts, the impetus may be the settlement of the conflict between the U.S. authorities and the CEO of crypto exchange Binance Changpeng Zhao.
In addition, investor interest in a large token may grow due to the success of another project. It too is closely related to the launch of spot funds and will hypothetically bring its owners large payouts. The first stage of Bitcoin ETF token sales was launched in the fall of 2023 and immediately caused a significant amount of discussion in the community.
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This project is a virtual platform where users can find information about current events in the industry. In particular, about how bitcoin-ETF spot funds are developing. A special news feed covers all the latest developments. Review articles are collected on one platform to keep investors up to date with current happenings.
However, the main feature of Bitcoin ETF is its direct link to the stages of development of bitcoin funds-ETFs. According to the developers, the moment the first such fund is approved, the team will get rid of the 5% supply (105 million coins). At the same time, there will be a reduction in sales tax – from 4% to 3%.
At the start, the token cost $0.0050, but now it can be bought for $0.0062. The pace of presale is constantly growing, so investors should hurry up if they want to get the coins at this price. BTCETF will rise in price to $0.0068 by the final pre-sale. Project Features:
- All information about bitcoin-ETF is collected in one news feed.
- The developers are going to eliminate up to 25% of coins, which will increase the value of the asset.
- Investors have the opportunity to increase the level of annual income by 120%.
Bitcoin forecast for 2024
As already mentioned, next year analysts expect two major events for the industry at once – the halving of BTC and the opening of spot funds for this cryptocurrency. Both are likely to lead to a sharp rise in bitcoin and help strengthen the position of digital gold.
The greatest optimism in this matter is expressed by experts from Matrixport. They believe that in the spring of next year bitcoin will be able to reach a mark of about $63,140. Accordingly, by December 2024, the token is able to rise in price two times more and overcome the threshold of $125 thousand.
There is also an opinion that 2023 will be a kind of start for a new bullish trend in the market. This is evidenced by the experience of the past years. In 2014, the price of the asset fell by almost 60%, after which a three-year recovery began. Now, according to experts, the situation is repeating itself.
As for halving, this event also entails positive dynamics in the market. Thus, in 2020, the bitcoin rate increased by 297%, and a few years before that (in 2016) – by 126%. Such indicators clearly demonstrate that BTC has every chance of impressive growth next year, if the market environment remains favorable.
However, for those investors who want to properly prepare for the launch of bitcoin-ETF, the developers have created Bitcoin Minetrix. The distinctive feature of this project is that it provides access to servers for cloud mining at the expense of its own tokens BTCMTX. The startup raised over $4.6 million at a pre-sale price of $0.0119 per coin.
The entire functionality of the Bitcoin Minetrix platform is based on two mechanisms: steaking and cloud mining. Due to the former, investors can receive not only BTCMTX, but also so-called credits. These are special tokens of the ERC-20 format, which can be exchanged for hash rate using the toolbar and, therefore, mining BTC several times more efficiently.
Cloud mining, in turn, makes the mining of the main cryptocurrency more affordable for ordinary investors. Instead of spending money on bulky and expensive equipment, users can invest in the purchase of BTCMTX and channel the purchased coins into staking.
Right now, the asset can be purchased for $0.0119, but it will go up to $0.0148 by the final presale. Startup Features:
- The decentralized nature of the platform ensures its security.
- Low cost of the asset in the early stages of the pre-sale.
- Investors can personally manage their savings and transactions on the platform.
Conclusion
The hype around spot funds is currently the fundamental catalyst for the bitcoin price. If we add halving and a favorable market environment to this phenomenon, we can assume that the asset will be able to reach its maximum values as early as 2024.
Not the least role will be played by the macroeconomic situation in the U.S.: if the inflation rate decreases, the Fed is likely to decide to reduce rates. This factor together with the growing FOMO (investors’ fear of missing out on profits) can push BTC to new values. For example, analysts do not rule out the growth of digital gold to $45-50 thousand by the end of this month.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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