Can Bitcoin tap $120,000 in 2024?

Bitcoin’s [BTC] Price PredictionHowever, the bone of contention, which had sparked debate around the crypto community, was the institution’s $120,000 prediction for 2024. Geoff Kendrick, Standard Chartered FX’s analyst, said that the decision to increase the projection by 20% was due to BitcoinIn defense of his opinion, Kendrick noted that BTC’s recent jump could force miners to hoard more of the Bitcoin supply.

“Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply, and pushing BTC prices higher.”generated. However, the condition at press time was not close to the hike mentioned. And according to Glassnode, miners’ fees have dropped to 1.66%.were going extinct because the king coin could reach its total supply of 21 million. And when this happens, as Kendrick pointed out, demand would soar, and the BTC price would skyrocket.

At press time, the metric had mildly risen to 0.00000063. But it was still at a very low point. Historically, a high value of this metric hints at a BTC market top. So, the state at press time signals a local market bottom.continually accumulating, the Bitcoin Market Cap to Thermocap Ratio shows that the coin still has massive potential to rally. Nonetheless, this was no guarantee that the $50,000 or $120,000 prediction would be met.

Moreso, the Awesome Oscillator had increased was 218.85. This positive reading indicates that the fast moving average was much more than the slow-moving average. Hence, this indicates that the slight downtrend might not dominate for long.that the supply distribution has been impressive. This was because whales were not the only ones involved in accumulation. Based on the balance of address of the 0 to 10 retail cohort, accumulation was also on the rise.

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