Bitcoin: Standard Chartered says bitcoin will quadruple to $120,000 by end of 2024 – Times of India

standard Chartered picking up speed Bitcoin Predictions target up to $120,000 by the end of 2024 – nearly quadruple the current price – as increasingly cash-rich miners are selling off the token.
Standard Chartered’s Geoff Kendrick wrote on Monday, “Increasing profitability for miners per BTC mined means they can sell short while maintaining cash flow, reducing the net BTC supply and driving BTC prices higher. “
Bitcoin mining is an energy-intensive process in which miners use powerful computers to verify transaction data on the bitcoin blockchain, keep the network running, and earn tokens as a reward.
They make a profit by selling the rewarded bitcoins on the market. Miners can cover costs by selling fewer bitcoins when bitcoin prices are high, and hold more bitcoins in anticipation of higher prices in the future.
Bold bitcoin price predictions are nothing new. The most optimistic is Cathy Wood of Arc Investment Management, who as recently as November doubled down on her prediction that bitcoin would reach $1 million by 2030.
Standard Chartered forecast in April that bitcoin could reach $100,000 per coin by the end of next year. They now say that high miners’ profitability has underestimated the impact that reducing the bitcoin supply will have on the market, and expect the price to reach $50,000 by the end of this year before reaching $120,000 in 2024. Will reach
“At recent prices, they [miners] Selling 100% New BTC; We think they will sell 20-30% at $50,000,” Kendrick wrote.
Adding to the supply pressure is the upcoming “halving” in 2024, a pre-programmed event that will reduce the supply of bitcoin rewards available to miners from about 900 per day to about 450. An event that occurs every four years, this puts bitcoin below its limit of 21 million. token.
Bitcoin, the biggest asset in the crypto sector, is trading at $30,309 as of 1:40 PM in New York. Its 83% gain this year is still well below its all-time high of around $69,000 in November 2021.
Its recent jump has coincided with a spate of filings for bitcoin exchange-traded funds in the US, including one from BlackRock Inc., which has a nearly pristine record of applying for and receiving approval for ETFs.