Banking giant Standard Chartered has styled a report, according to Reuters, in which it has predicted that Bitcoin may boost its price to around $120,000 by the end of 2024. They predict that this skyrocketing profitability for Bitcoin will be driven by miners that will halt the supply of new tokens, choosing instead to keep their supply. Bitcoin is already on its way up, as its price has increased by over 80% since the start of the year – starting at $16,600 and currently at around $30,000. According to one of the bank’s top analysts, Geoff Kendrick, miners have recently been selling 100% of their new coins, but if Bitcoin’s price reaches over $50,000, they will likely be enticed to sell around 20-30% of them, while still maintaining important cash flows and driving the price of BTC even higher.
Last year’s collapse in the crypto sector was led by some high-profile mismanagements and downfalls, such as the TerraUSD and Luna stablecoin debacle in May, and November’s crazy weeks following the bankruptcy of one the world’s leading crypto exchanges, FTX, and the ensuing onslaught of charges brought forth against its founder, Sam Bankman-Fried. However, the market has rebounded in early 2023, and most financial analysts, from Standard Chartered, but also from other major institutions, believe 2024 could be a vital year for Bitcoin’s meteoric rise.
