The outlook for Bitcoin
An ups and downs day for Bitcoin, which revised its $30,000 level for the first time in a week, taking advantage of fears about American banks. The cryptocurrency then returns to propose itself as a safe haven and rising by 7% to then drop below 30 thousand. According to analysts, Bitcoin could reach the $100,000 mark by the end of 2024.
A note published by Standard Chartered explains it. The closure of Silicon Valley Bank and other mid-level banks has increased users’ distrust of financial institutions and interest in any is the most important of the cryptocurrencies, i.e. Bitcoin, “a decentralized asset that does not require a relationship of trust with third parties – wrote Geoff Kendrick, analyst at Standard Chartered – There is a possibility to see Bitcoin reach $100,000 by the end of 2024 and we believe that the so-called crypto winter is finally finished”.
Moreover, since the beginning of the year, the rebound has been equal to 66%. However, caution is a must. Indeed the technical analysis of short term still remains contested: a further in fact, in the long run it will have to face the resistance located in the $30,500-30,600 area. An extension, however, would only come with exceeding the 31,000-dollar quota. On the other hand, a descent towards $27,000 would be dangerous as it could trigger a rapid decline.