Bank

Jerome Powell

Standard

President Donald Trump

Rise

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Bitcoin’s (<a href="https://tokenist.com/investing/how-to-invest-in-bitcoin/" rel="dofollow" class="deco-link">BTC</a>) price took a significant hit on July 4, 2024, dropping below $60,000 for the first time in months. The world’s leading cryptocurrency fell to $57,895.76, down 3.82% in 24 hours, with a market cap of $1.14 trillion. <br><br>This decline comes amid various factors, including concerns over an <a href="https://www.investopedia.com/mt-gox-is-finally-repaying-customers-so-why-are-bitcoin-investors-nervous-8668024" target="_blank" aria-label="impending Mt. Gox payout (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">impending Mt. Gox payout</a>, U.S. economic uncertainty, and ongoing spot-selling pressure. However, some analysts still believe in the asset’s potential to be priced near $100,000 as early as this November. </p> 
<h3 id="bitcoin-buckles-under-market-pressures-and-economic-uncertainty">Bitcoin Buckles Under Market Pressures and Economic Uncertainty</h3> 
<p>The cryptocurrency market is bracing for a substantial influx of Bitcoin, with Mt. Gox creditors expected to receive around 142,000 BTC, worth approximately $9 billion, starting in July. This imminent repayment is creating short-term volatility and uncertainty, as investors worry about the market’s ability to absorb this additional supply.</p> 
<p>Adding to the market’s woes, Federal Reserve Chair Jerome Powell recently stated that more work is needed to tame inflation. The Fed is now considering <a aria-label="only one interest rate reduction (opens in a new tab)" href="https://apnews.com/article/federal-reserve-inflation-prices-interest-rates-cuts-4384e6b128915458aba2d178bf31ee1b" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">only one interest rate cu</a><a href="https://apnews.com/article/federal-reserve-inflation-prices-interest-rates-cuts-4384e6b128915458aba2d178bf31ee1b" target="_blank" aria-label="only one interest rate reduction (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">t</a> for the rest of the year, instead of the <a href="https://tokenist.com/these-three-stocks-can-surge-if-the-fed-cuts-rates-in-september/" rel="dofollow" class="deco-link">previously expected two or more</a>. This shift has contributed to a risk-averse sentiment among investors, further weighing on crypto prices.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Telegram group&nbsp;and never miss a breaking story.</a></p> 
 </div> 
</div> 
<h3 id="bitcoin-s-bullish-forecasts-and-political-considerations">Bitcoin’s Bullish Forecasts and Political Considerations</h3> 
<p>Standard Chartered Bank remains bullish on Bitcoin’s future despite the current downturn. Geoffrey Kendrick, the bank’s head of forex and digital assets research, predicts a new all-time high for Bitcoin in August 2024, with a <a href="https://www.thestreet.com/crypto/markets/standard-chartered-u-s-election-could-see-bitcoin-rally-to-100000" target="_blank" aria-label="forecasted price of $100,000 by U.S. election day (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">forecasted price of $100,000 by U.S. election day</a> in November. This prediction, however, hinges on Joe Biden remaining in the presidential race.</p> 
<p>Kendrick views former President Donald Trump as “bitcoin-positive,” noting a positive correlation between Trump’s electoral odds and Bitcoin’s price. <br><br>The analyst reasons that a Trump administration would likely <a href="https://tokenist.com/in-a-bizarre-statement-trump-says-bitcoin-should-only-be-mined-in-the-us/" class="deco-link">favor regulation and mining</a>. Standard Chartered maintains its year-end 2024 price prediction of $150,000 for Bitcoin, putting the cryptocurrency’s market cap in the <a href="https://tokenist.com/the-3-trillion-club-only-has-3-stocks-which-one-is-likely-to-break-4-trillion-first/" rel="dofollow" class="deco-link">$3 trillion club</a>.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/bitcoin-dips-below-60k-but-analysts-eye-potential-rise-to-100k/">Bitcoin Dips Below $60k, But Analysts Eye Potential Rise to $100k</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin Dips Below $60k, But Analysts Eye Potential Rise to $100k

Table of Contents

Tokenist

Další články publikované 4. 7. 2024

Introducing Aptos Connect: Simplifying Web3 Access

BingX Launches USDC-Margined Perpetual Futures Trading

Ethereum Developers Unveils EIP-7732 Designed for Speed

XRPL-based Wallet and C14 Integration Simplifies Crypto Transactions

Cardano Founder Hits Back at “Dead Coin” Claims

YieldNest and Origin Announce Merger of primeETH to ynLSD

Join our free newsletter for daily crypto updates!