A report by British multinational bank Standard Chartered has significantly increased its Bitcoin (BTC) price forecast to hit $120,000 by the end of 2024, which represents a 300% leap from today’s price-tag.

Quoted by media giant Reuters, Standard Chartered expects that the upcoming rise in Bitcoin will be mainly attributed to the growth of coin hoarding by miners, which shall effectively limit the circulating supply of BTC tokens.

A top Standard Chartered analyst by the name of Geoff Kendrick had this to say on the matter:

“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.” Bitcoin miners are rewarded with a fixed quantity of BTC of 6.25 BTC per block mined, and such bullish momentum has accelerated the growth of the industry since the beginning of the year.

Bitcoin miner revenue accelerated in 2023 after slumping hard in the previous year amid exacerbating inflationary pressures, dwindling demand and growing bearish sentiment. It is more apparent that the current year has been serving as the upswing which the bulls missed dearly in 2022.

Sources:

https://www.coindesk.com/markets/2023/07/10/bitcoin-could-rise-to-120k-by-end-2024-standard-chartered/

https://decrypt.co/147970/bitcoin-will-reach-120k-before-2025-standard-chartered-predicts

https://coinmarketcap.com/currencies/bitcoin/