Bitcoin ETF

Impact

April

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Standard Chartered <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a> Geoff Kendrick has made a significant change to his past <a href="http://en.coin-turk.com/bitcoin-reaches-all-time-high-in-a-critical-metric-is-btc-preparing-for-a-new-rally/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> price prediction. According to the updated forecast, he now envisions a potential price movement to $120,000 by the end of 2024. This bullish price update is based on analyses highlighting the miners’ decreasing sales and evolving profitability dynamics.
Initially predicting a $100,000 price for the next year, Kendrick now believes this to be a more acceptable base figure considering the changing situation of miner profitability.
<h2 style="text-align: justify" id="mining-profitability-and-bitcoin-s-rise">Mining Profitability and Bitcoin’s Rise</h2>
The price prediction is based on recent insider information, and it was revealed in an email that Kendrick predicts a nearly 300% increase to a $120,000 price target. Additionally, Kendrick expects <a href="http://en.coin-turk.com/bitcoin-and-altcoins-simultaneous-fall-why-the-decline-after-fed-decision/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> to reach $50,000 before the end of 2023, with only a month left in the year.
One of the driving forces behind this bullish scenario is the increase in profitability of mining activities. Miners appear to be making fewer sales while maintaining cash flow after a challenging period. A reduction in Bitcoin supply as a result could drive up prices.
Kendrick anticipates a potential sale on behalf of miners in the second quarter of 2024, envisioning a gradual decrease in sales over time. This model historically emerges when the price of Bitcoin exceeds the average total cash cost of mining.
A strategic change that could occur, reducing Bitcoin’s net supply by approximately 250,000, might influence prices and alter the inflation rate.
Kendrick made the following statement regarding the issue:
<blockquote>
 If the BTC price reaches $50,000 in the first quarter of 2024, as we predict, the ‘BTC minus all cash costs’ calculation will rise to $30,000. Essentially, selling only 27% of the BTC mined in the first quarter of 2024 will create the same absolute level of cash surplus as selling 100% in the second quarter of 2023.
</blockquote>
<img decoding="async" class="size-full wp-image-281656" src="https://coin-turk.com/wp-content/uploads/2023/11/bitcoin-mining-halving-etf-scaled.jpg" alt="" width="2560" height="1682">
<h2 style="text-align: justify" id="the-impact-of-bitcoin-etfs">The Impact of Bitcoin ETFs</h2>
Steps taken by Wall Street giants also affect the price of Bitcoin. Institutions continue to explore the creation of Bitcoin Exchange-Traded Funds (ETFs), and their growing interest supports the current rise of Bitcoin. Even the news of a fake BlackRock Bitcoin ETF application in October was enough to drive the market upwards.
This institutional support has created a ripple effect alongside strengthening optimistic predictions. For instance, Tom Lee from Fundstrat recently set an ambitious price target of $200,000 for Bitcoin in the coming years.
Mining costs have also undergone changes. A decrease in costs has triggered an upward movement in mining profitability. Some of the largest mining firms have restructured their expenses to achieve this reduction. A fall in energy prices has further increased profitability.
The “halving” event expected to occur in April 2024 could trigger a consolidation in the sector and further reduce mining expenses.
<div class="sorumluluk_reddi" style="text-align: justify">Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies and base their transactions on their own research.
</div>
<ul class="summary">
 <li>Analyst revises BTC price to $120,000 by 2024.</li>
 <li>Miners’ profitability and reduced sales support rise.</li>
 <li>Institutional interest in Bitcoin ETFs fuels growth.</li>
</ul> Continue Reading: <a href="https://en.coin-turk.com/bitcoins-surge-to-120000-analyst-predicts-massive-price-movement-by-2024/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoins-surge-to-120000-analyst-predicts-massive-price-movement-by-2024/</a>

Bitcoin’s Surge to $120,000: Analyst Predicts Massive Price Movement by 2024

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