Standard Chartered Bank Predicts Bitcoin to Reach $120K by 2024
Standard Chartered Bank has increased its bitcoin price forecast, stating that the cryptocurrency could reach $50,000 by the end of this year and up to $120,000 by the end of 2024. The bank cites increased miner profitability as a key factor that will drive the price higher, as miners can sell less of their output while maintaining cash inflows, reducing net bitcoin supply. Bitcoin has already climbed 80% since the start of the year and is currently trading around $30,100.