#BTCReclaims101K
But what’s more interesting is the latest price forecast from Standard Chartered, which suggests Bitcoin could hit $50,000 this year and $120,000 by the end of 2024. This is an upgrade from the bank’s $100,000 estimate, as it last raised in April.
According to the report, this rise is likely to be fueled by increased mining profitability. The rationale is that miners will soon be able to liquidate fewer bitcoins as the price rises, ultimately meeting their operating costs while keeping more bitcoins.
This supply squeeze could reduce the supply of Bitcoin by 250,000, reducing the inflation rate from 1.7% to 0.4% annually, according to Standard Chartered (OTC: SCBFF) analyst Jeff Kendrick.