Bitcoin Price Soars to $120K as Standard Chartered Raises Forecast

Standard Chartered, a major banking giant, predicts that Bitcoin (BTC) will reach $50,000 by the end of this year and hit $120,000 by the end of 2022. The bank's global head of research and chief strategist, Geoff Kendrick, attributes this price surge to supply dynamics, as miners sell less BTC while maintaining cash inflows, creating a supply and demand imbalance in favor of the bulls. Standard Chartered's optimistic forecast reflects the shifting narrative around Bitcoin, driven by increased institutional adoption and the "BlackRock effect."