Bitcoin could appreciate in price by nearly $100,000 by the end of 2024, according to financial services giant Standard Chartered Bank.
In a Monday research report, the UK-based global banking giant said that it increased its bitcoin price target from $100,000 — which it forecasted in April — to $120,000. The firm said the price of bitcoin could increase to $50,000 by the end of 2023.
The report points to an increase in miner profitability as one potential tailwind that could trigger an appreciation in the price of the cryptocurrency.
Standard Chartered said the rationale for its predicted price rise was that miners who mint the 900 new bitcoins produced each day around the world would soon need to sell fewer to cover their costs - mostly electricity to power super-computers.
One of the bank's top FX analysts, Geoff Kendrick estimated that miners have recently been selling 100% of their new coins. If the price hits $50,000 though, they would probably only sell 20-30%.