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• Standard Chartered analyst sees one other 60% upside in Bitcoin this 12 months.
• Geoff Kendrick defined his bullish view on BTC in a analysis word at this time.
• Bitcoin is already up a whopping 85% since the begin of the 12 months 2023.

The huge rally in Bitcoin since the begin of this 12 months is only a drop in the bucket in comparison with the place it’s headed, as per a Standard Chartered analyst.

BTC could climb one other 60% this 12 months

On Monday, Geoff Kendrick stated the world’s largest cryptocurrency could climb additional to $50,000 by the end of 2023 which suggests one other 60% upside from right here.

The analyst is satisfied {that a} continued enhance in the worth of BTC will make it rewarding for miners to inventory big quantities of it. Reduced internet provide, in return, will assist the cryptocurrency attain for the skies, he added.

If BTC rises [as] we anticipate by end-2023, share of newly mined being offered ought to fall to twenty%-30%. That’s a internet annual discount in promoting of BTC 250,000.

Bitcoin provide is about to halve subsequent 12 months

Note that the complete provide of Bitcoin is scheduled to halve in April or May of 2024.

The Standard Chartered analyst sees a number of different components serving to unlock important upside in BTC subsequent 12 months. One of them is the latest banking crisis. Earlier this 12 months, he had forecast Bitcoin at $100,000 by the end of 2024. In a word at this time, although, Kendrick stated:

We now assume this estimate is simply too conservative, and we, subsequently, see a 20% upside to our end-2024 goal.

That primarily means Bitcoin could hit $120,000 subsequent 12 months. The cryptocurrency is anticipated to learn if the Securities and Exchange Commission greenlights a Spot Bitcoin ETF that many asset managers, together with BlackRock, have lately filed for.