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Standard Chartered Predicts Bitcoin Could Reach $50,000 This Year and $120,000 by End of 2024

According to Standard Chartered, the price of bitcoin could reach $50,000 this year and $120,000 by the end of 2024, which may lead bitcoin miners to hoard more of the supply. The bank had previously predicted a $100,000 end-2024 forecast for bitcoin in April, but now sees a 20% "upside" to that call. This is due to increased miner profitability per bitcoin mined, allowing them to sell less while maintaining cash inflows, which reduces net bitcoin supply and pushes prices higher.

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