Bitcoin Is Set to Quadruple to $120,000 BY End of 2024, Standard Chartered Says
Key Points:
✔️Miner profitability cited as reason for revision from $100,000
✔️Target for the end of 2023 is $50,000, 65% above current price
Standard Chartered is ramping up its bullish Bitcoin prediction, targeting as much as $120,000 by the end of 2024 — almost quadruple the current price — as increasingly cash-rich miners reduce sales of the token.
“Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Geoff Kendrick at Standard Chartered wrote Monday.
