Bitcoin (BTC) Price Prediction: Standard Chartered Bank Predicts BTC Could Hit a New All-Time High by Q2 2024

Bitcoin is back in the spotlight after global bank Standard Chartered predicted that the world's biggest cryptocurrency could hit a new all-time high

Global bank Standard Chartered has predicted that Bitcoin could hit a new all-time high by the second quarter of this year, putting the world’s biggest cryptocurrency back in the spotlight.

In their latest report, the bank's analysts said Bitcoin could reach around $120,000 by the second quarter of 2024, driven by recent strong market performance and growing investor interest.

At the moment, Bitcoin is trading in the mid-$90,000 range, and experts believe several global factors could impact its movement in the coming weeks. These include the upcoming U.S. Federal Reserve meeting in May and ongoing inflation concerns. However, some analysts suggest that the worst may be over for now, which could open the door for further gains.

Bitcoin’s Current Price Action

Bitcoin recently reacted strongly around a key support zone between $93,220 and $94,244. According to crypto analysts, the price dropped from a recent high last Friday in a typical three-wave pattern, followed by signs of a recovery.

The crypto reacted positively, bouncing off the support zone and showing signs of a potential upward move. This aligns with several technical indicators, which suggest that the worst of the recent downturn may be over.

Several possible short-term scenarios have been outlined by analysts, most of them optimistic. One of the leading views is that if Bitcoin continues to hold its support levels, it could move higher in the short term. The next major price target for Bitcoin is around $96,275.

Choppy Market, But Bulls Still Active

Although Bitcoin has shown some positive moves, the market has been described as “choppy” in recent days.

Price movements have bounced between key levels, with strong resistance appearing around $95,450. If Bitcoin manages to break through this, it could see further gains — but experts warn the market is unpredictable right now.

Despite the ups and downs, no clear market top has been confirmed, and all major support levels are still holding. Many believe there’s a good chance Bitcoin could push higher soon.