Top cryptocurrency bitcoin could reach $50,000 this year and $120,000 by the end of 2024, Standard Chartered said on Monday, predicting the jump in its price could encourage bitcoin 'miners' to hoard more of the supply.
Standard Chartered published a $100,000 end-2024 forecast for bitcoin back in April on the view the so-called "crypto winter" was over, but one the bank's top FX analysts, Geoff Kendrick, said there was now 20 percent "upside" to that call.
"Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher," Kendrick said in a report.
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