Standard Chartered Ups Bitcoin Forecast to $120,000 by End-2024

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.

Bitcoin mining is an energy-intensive process in which miners use powerful computers to validate transaction data on the Bitcoin blockchain, keeping the network running and earning the token as a reward.

They profit by ...