Bitcoin's Price Soars to $120,000, Surpassing Expectations

Analysts at Standard Chartered predict that Bitcoin could reach $50,000 this year and $120,000 by the end of 2024, citing increased profitability for crypto miners and a halving of bitcoin supply in 2024. The bank previously forecasted a $100,000 price target by the end of next year but now sees a 20% upside to that prediction. The rise in bitcoin's price is expected to be driven by miners stockpiling the digital asset and selling less to manage overhead, reducing net supply and pushing prices higher.