Bitcoin investors continue to wait for important crypto news and US inflation data. The coin was trading at $30,400, the same price as it had been for the last two weeks, causing the fear and greed index to reach a neutral level of 56.
Standard Chartered Bullish on Bitcoin
The price of Bitcoin has increased by over 90% since 2023, outperforming popular financial assets such as the Dow Jones and Nasdaq 100 indices as well as gold and other metals. Analysts still believe that the market is not yet fully consolidated, and the price is likely to rise in the near future. Two of the biggest catalysts for change are the Bitcoin ETF and the halving event scheduled for April 2024.
Analysts are bullish on Bitcoin, with Standard Chartered being the most bullish. Two analysts said months ago that Bitcoin could reach $100,000 by 2024 and this week the analyst updated this prediction to $120,000, citing the ongoing activity of miners. If this prediction is accurate, Bitcoin’s market capitalization could reach over $2.3 trillion in 2024.
Altcoins Jump as High as You Can
If Bitcoin’s prediction is accurate, other altcoins will also experience a bullish rally. For example, popular proof-of-work coins like Litecoin and Bitcoin Cash have already increased by more than 134% and 100%, respectively, since their lows in 2022. The upcoming coin halving events are also good news for Bitcoin and other coins, with Litecoin’s halving taking place in August and Bitcoin Cash’s in December. Also, if the SEC approves the ETF, more companies will launch their ETFs.
How to Purchase Bitcoin
Investors can purchase Bitcoin on eToro or CEX.IO. It should be noted that cryptoasset investing is unregulated in some EU countries and carries no consumer protection, so investors should be aware of the risks involved.