TechFlow news, according to Reuters, Standard Chartered said in a research report on Monday that Bitcoin's price could reach $50,000 by the end of this year and potentially climb to $120,000 by the end of 2024.
The bank's analysis suggests that rising Bitcoin prices will encourage miners to hoard more Bitcoin supply. In April, Standard Chartered released a forecast stating that the so-called "crypto winter" had ended, with an initial prediction of Bitcoin reaching $100,000 by the end of 2024. However, Geoff Kendrick, the bank's top foreign exchange strategist, noted that this forecast now has an additional 20% upside potential.
"With increased profitability in Bitcoin mining, miners can reduce sales while maintaining cash flow, thereby decreasing the net supply of Bitcoin and driving up its price," Kendrick explained in the report.
