Standard Chartered Raises Bitcoin Forecast to $120K by 2024

Standard Chartered has revised its bitcoin forecast, predicting that the cryptocurrency could reach $50,000 this year and $120,000 by the end of 2024. The bank believes that the recent surge in bitcoin's price could incentivize miners to hoard more of the supply, reducing net BTC supply and pushing prices higher. Standard Chartered previously published a $100,000 end-2024 forecast for bitcoin in April. The bank's rationale for the predicted price rise is that miners, who produce 900 new bitcoins daily, would need to sell fewer coins to cover their costs as profitability increases.