The cryptocurrency market continues to catch the attention of many eyes around the world. Particularly, Bitcoin, remains strong above the watermark of $30,000, thanks to a blend of factors such as optimistic outlooks, increased institutional adoption, growing favorability among mainstream financial institutions and friendly regulatory environments in several nations.
One of the most exceptional prediction comes from Standard Chartered, announcing that Bitcoin could potentially touch a handsome high of $120,000 by 2025. This hopeful speculation seems to have positively influenced Bitcoin’s market value, and appears likely to further fuel Bitcoin’s upward momentum.
What brought Standard Chartered to revise their long-term figure for Bitcoin? Their conjecture revolves around Bitcoin miners, who are vital for the upkeep of the Bitcoin network, and their potential decision to keep in reserve a larger chunk of the newly generated coins. This possible reduction in selling off the coins could impact the existing supply-demand equations of Bitcoin. If miners decide to retain more coins, it might lead to a shrinking supply of Bitcoin in the market, which can boost Bitcoin’s value.
The bank’s confident view towards Bitcoin’s future value is also in part because of the upcoming ‘halving’ event and increased profitability for miners. The ‘halving’ event significantly reduces the quantity of new Bitcoins that can be mined, which in turn can bolster the price of Bitcoin.
At this point, Bitcoin seems to be on a bullish trend, with its price lingering around $30,380 and maintaining a substantial 24-hour trading volume. Resistance is notable near the $31,000 level, but a successful breakthrough above this point can drive Bitcoin’s price around $32,500, or even higher. However, the downside is also worth considering with potential support found around the $30,300 mark. Hence, close monitoring of the $31,000 level is key to identify a potential buying opportunity.
As we move forward, one must stay updated about the alternative cryptocurrencies and the latest initial coin offerings. Seasoned experts from Industry Talk and Cryptonews put together a comprehensive list of the top 15 digital assets to watch in 2023. These offerings could potentially redefine the game in the world of digital assets, giving us all more reasons to follow this dynamic sphere closely. Stay tuned and keep exploring.
Source: Cryptonews
