- The cryptocurrency market consolidated on Wednesday as the momentum generated by the recent spot Bitcoin ETF filings has begun to fade, bringing the focus of crypto investors back to the Securities and Exchange Commission and its ongoing quest to bring the industry into regulatory compliance.
Data provided by TradingView shows that Bitcoin largely traded around support at $30,500 on Tuesday with its price showing signs of compression. This usually results in a notable breakout move, but at this point, there is no clear indication as to which direction the price will head.On Monday, Standard Chartered delighted crypto proponents with a prediction that BTC will hit $120,000 by the end of 2024, which represents a four-fold increase from the current price.
“Given their past success rate, the belief is that this application is likely to be approved,” he said. “This will enable massive pent-up demand for Bitcoin in the U.S. and elsewhere to finally be able to flow into the market, and it's logical that the price of Bitcoin respond in a proportionate manner.”
“When looking at the historical price action of Bitcoin, it tends to move in a 4-year cycle with year 1 having 70-90% crashes, followed by strong growth in the following 3 years,” he said. “Next year will be the Bitcoin "halving", a programmed occurrence in which the rate of new Bitcoins being produced is reduced by half, increasing scarcity. As scarcity increases and demand grows, assets generally rise in price.
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