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Bitcoin has been struggling to rise and sustain above the $31,000 level for the past few days, but Standard Chartered has painted a bullish picture for this year and the next. In a report, the bank said that Bitcoin (BTC) could reach $50,000 this year and stretch the rally to $120,000 by the end of next year.

Large investors seem to be taking a bullish stance and are making the most of the stagnant Bitcoin prices. Behavioral analytics platform Santiment shows that sharks and whales, entities holding between 10 and 10,000 Bitcoin, have increased their hoarding by 71,000 Bitcoin since mid-June.

While the long term looks bullish, macroeconomic indicators hold the key in the short term. The United States equities market is likely to be influenced by the second-quarter earnings and the inflation data due to be released on July 12. That is likely to set the stage for a risk-on or a risk-off sentiment.

Could the S&P 500 Index (SPX) resume its rally over the next few days? Will Bitcoin and the altcoins follow the equities markets higher? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The bulls are trying to protect the 20-day exponential moving average (4,373) but the long wick on the July 7 candlestick shows that bears are active at higher levels.

Bitcoin (BTC) is in line to hit $50,000 this year and crack all-time highs in 2024, says Standard Chartered.

In a report quoted by media outlets including Reuters on July 10, the banking giant went on record to announce a BTC price recovery.

Standard Chartered vs. 2023 BTC price: From $5,000 to $50,000

In the wake of seismic changes in the institutional approach to Bitcoin in the United States, the mainstream narrative around the largest cryptocurrency is shifting rapidly.

Standard Chartered, which just last year forecast the BTC price dropping as low as $5,000, now believes it will end the year ten times higher.

BTC/USD should reach $50,000 in 2023, the report from the global head of research and chief strategist, Geoff Kendrick, forecasts.

Bitcoin (BTC) begins a new week barely clinging to $30,000 as a “bearish divergence” sets the tone.

After a quiet weekend, BTC price action faces a potential pullback period within its broader bullish trend, traders say.

What could be on the menu for the market this week?

After a relative period of calm, external triggers are back for risk assets, with a slew of United States macroeconomic data releases combined with multiple speeches from Federal Reserve officials.

Add to that some interesting dynamics around U.S. BTC buying now in play, and the recipe for volatility is there.

Nonfarm payrolls rose by 209,000 in June, below economists’ expectations of an addition of 240,000 jobs. Although the figures show a cooling labor market, market observers remained concerned as the average hourly earnings growth held steady at 0.4% from May and 4.4% from a year ago. 

The report did not alter expectations of a 25 basis point rate hike by the United States Federal Reserve in the next meeting, according to the FedWatch Tool. That kept the U.S. equities markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16% and the Nasdaq was lower by 0.92%.

Another minor negative for the crypto markets was a report by JPMorgan managing director Nikolaos Panigirtzoglou, which said that a spot Bitcoin (BTC) exchange-traded fund (ETF) may not prove to be a game changer for the crypto space. Panigirtzoglou cites lackluster interest in the spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact even in the U.S.

Could bulls regroup and kick Bitcoin above the overhead resistance? If they do, select altcoins could join the march higher. Let’s analyze the charts of top-5 cryptocurrencies that are showing signs of moving up.

Bitcoin price analysis

Bitcoin remains stuck between the 20-day exponential moving average ($29,854) and the overhead resistance at $31,000. This suggests uncertainty among the bulls and the bears about the next directional move.