According to Standard Chartered, Bitcoin price is set to hit $50,000 before 2024. Furthermore, the bank’s analysts predict that the original crypto could reach $120,000 by the end of 2024.
The latest Bitcoin price prediction is a revised version of Standard Chartered analyses from April, increased by 20% to account for the latest market developments. The overall optimism on the market has caused other cryptocurrencies to surge as well, especially Bitcoin derivatives like Bitcoin ETF (BTCETF) and Bitcoin Minetrix (BTCMTX). These two tokens are poised to profit greatly from Bitcoin’s surge as investors are looking for more affordable investment options.
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Bitcoin Surges as Crypto Winter Ends
Crypto winter is a term coined to describe the disastrous 2022 crypto market crash and its aftermath. The crash wiped out trillions of dollars from the market, sending the entire crypto sector into a death spiral. Bitcoin itself fell under $16,000 by November. It wasn’t until January 2023 that the first signs of recovery were noticed.
Since the start of the year, Bitcoin has added more than 80% in value, making 2023 its best year so far in terms of gains. However, at just north of $30,000, it is still far off from its heyday in 2021 and the all-time high of $69,000. Today, it would seem that BTC is well on its way to peaking out again.
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These 5 reasons to buy Bitcoin now
Upcoming ETF Approval
Perhaps the biggest reason for optimism among Bitcoin investors is the upcoming crypto exchange-traded fund (ETF) approval. According to Eric Balchunas, a Bloomberg analyst, there is more than a 90% chance that we could see the first ETF approved by January 10th. He recently tweeted this to his 162,000 followers:
“No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe).”
ETFs are perhaps the biggest game-changer the crypto market has ever seen. If predictions about the SEC approval come true, the impact on the overall growth cannot be overstated. Tokens like Bitcoin ETF, designed to take advantage of crypto ETFs are poised for explosive growth once that happens, provided you act quickly and buy it on the cheap while it is still in presale.
Decreased Mining Supply
The amount of Bitcoin sold by the miners is one of the indicators used to determine upcoming market trends. We are now witnessing a reduced supply of BTC as miners stockpile them in anticipation of a huge surge. In case the predictions come true and Bitcoin hits $50,000 before 2024, we could easily see only 30% of mined coins appearing on the market. Over a year, that could mean we will see up to 250,000 BTC less, creating a strong demand and pushing the price upward.
Bitcoin Minetrix is a platform that will benefit greatly from this, as its approach to Bitcoin cloud mining is gaining popularity even before the app is launched.
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Reduced Interest rates
With inflation finally under control, it is expected that the FED will start reducing principal interest rates across the board. That will make traditional investment options like bonds less profitable and cause investors to turn to the crypto market to make up for the losses.
The exodus of investors looking for greener pastures will bring a flood of capital to the crypto world, driving up the demand and pushing prices even further up.
Reduced Risk of Inflation
The recent inflation crisis has highlighted one of the biggest reasons for investing in Bitcoin. Cryptocurrencies in general and BTC especially, are far more resistant to devaluation since they aren’t controlled by any government. In fact, Bitcoin can be considered as a hedge against inflation as its supply is finite.
Full Transparency
Every Bitcoin transaction is recorded and kept on record and anyone can verify it by simply looking at the ledger. This transparency offers an unprecedented insight into the circulation, something we can only dream about when fiat currencies are concerned.
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Bitcoin ETF – Best Choice for Upcoming Bitcoin ETF Approval
With the approval of crypto ETFs upon us, projects that can immediately benefit from them are in high demand. One of the most prominent ones is Bitcoin ETF, the upcoming token built on the Ethereum network.
Boasting several advanced features, BTCETF is the best option for people looking to capitalize on the upcoming ETF approval. With a built-in deflationary mechanism, the token represents an excellent store of value, preventing long-term loss and promoting stability in the long run. Each transaction will be taxed with a 5% tax, and the raised amount will be burnt.
Currently in presale, BTCETF has raised more than $2.4 million, proving that there is a strong interest from investors for the project. With just days away from hitting its first presale target, Bitcoin ETF is predicted to explode as soon as it hits the open market. For those wanting to get in on the ground floor of this high-potential crypto, time is getting short.
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Bitcoin Minetrix – The Best Solution for Bitcoin Cloud Mining
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Bitcoin cloud mining started as a promising alternative to traditional mining but soon became bogged down with a myriad of problems. The biggest issue users face is the oligopoly of several large companies that used their market position to impose unfair terms. Bitcoin Minetrix introduces some much-needed transparency and offers far better terms to end users.
The process consists of a combination of staking and mining, titled Stake2Mine. It involves staking BTCMTX tokens to gain non-tradeable ERC-20 altcoins which can be burned to gain mining credits. Credits can be exchanged for mining time and users end up with Bitcoin. The entire process is fully transparent and users can track their tokens at every step of the way.
With presale firing on all cylinders, the time is ticking away for investors to get on board. So far, BTCMTX has raised $4.7 million and is fast approaching its hard cap goal. Once it reaches it, the first listings on crypto exchanges will start. At that point, most analysts agree that BTCMTX will explode and that the sky is the limit.
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Conclusion
The imminent approval of crypto ETFs is acting as a catalyst for the latest Bitcoin surge. BTC is predicted to hit $50,000 before 2024, pilling the entire market in its wake. Bitcoin derivatives like BTCETF and BTCMTX stand to gain massively from the surge, as investors are looking for more affordable alternatives
The post Is Bitcoin Price Set to Hit $50,000 before 2024? 5 Reasons to Buy Now! appeared first on Analytics Insight.
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