Standard Chartered Forecasts Bitcoin to Hit $120K by 2024

Standard Chartered has raised its Bitcoin price prediction to $120,000 by the end of 2024, citing miners hoarding their coins and reducing additions to Bitcoin's circulating supply as the driving factors. The bank's analysts believe that increased miner profitability will lead to a decrease in the number of coins sold, creating a bullish feedback loop. The recent rise in Bitcoin's price has boosted the industry's revenue, reversing the declining trend seen in 2022. Additionally, data shows a shift of BTC from short-term holders to long-term holders, indicating a potential early upswing. The approval of a Bitcoin spot ETF in the US could further fuel Bitcoin's surge.