Standard Chartered now expects the price of Bitcoin to reach $120,000 by the end of 2024, citing the key factors as miners' hoarding of their coins and halting supply additions.
Bitcoin (BTC) Is Up 84% Year-to-Date
Standard Chartered now expects the price of Bitcoin to reach $120,000 by the end of 2024, citing the key factors as miners' hoarding of their coins and halting supply additions.
The bank also stated, according to a report published in April, that while miners continue to sell 100% of their freshly mined coins to cover costs currently, if Bitcoin's price increases to $50,000 by the end of the year, this percentage of sold coins may drop to just 20-30%, reducing the amount of coins in circulation and triggering a bullish feedback loop. Geoff Kendrick, one of the bank's top FX analysts, claimed there was now 20% "upside" to that prediction.
Bitcoin (BTC) is up 84% year-to-date, from $16,547 on January 1 to $30,455.The bank's forecast was based on the supposition that the price momentum of Bitcoin will contribute to increasing industry revenue since the beginning of the year, reversing negative momentum while revenue declines in 2022.
In the meantime, data from on-chain analytics company Glassnode reveals that over the past few months, a significant portion of BTC has been shifting hands from short-term holders to strong hands, which is a key element of all prior Bitcoin bull markets.
