Standard Chartered Raises Bitcoin Price Target to $120,000

Standard Chartered Bank has released a research report that says the price of bitcoin could rise to nearly $120,000 by the end of 2024 . 

The U.K.-based global banking giant said in a research note on Monday that it raised its price target for bitcoin to $120,000, up from $100,000, which was its prediction in April of this year. The company said the price of bitcoin could rise to $50,000 by the end of 2023. 

The report noted that increased profits for miners could be a potential driver of bitcoin's price rise. 

Standard Chartered said its reasoning for predicting higher prices is that miners of the 900 new bitcoins generated globally every day will soon need to sell fewer bitcoins to cover their costs. The costs mainly include the electricity consumed by mining. 

One of the bank's chief foreign exchange analysts , Jeff Kendrick, estimates that miners have been selling all of their newly mined bitcoins lately. But if the price reaches $50,000, they may only need to sell 20-30% of their mining rewards.