Bitcoin price may hit as much as $120,000 by the end of 2024, almost quadruple the current price, expect analysts at Standard Chartered as increasingly cash-rich miners reduce their sales of the token.
Bitcoin, the world’s largest cryptocurrency by market value, was trading 1.18% higher at $30,495.67 on Tuesday. The coin has rallied more than 82% this year so far, but is still below its record high of nearly $69,000 hit in November 2021.
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.
In April, Standard Chartered forecast that Bitcoin could reach $100,000 per coin by the end of next year. That underestimated the impact higher miner profitability would have on reducing the supply of Bitcoin in the marketplace, they now say, and expect the price to hit $50,000 by the end of this year before jumping to as much as $120,000 in 2024, Bloomberg reported.
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