Standard Chartered analysts: Expect Bitcoin to reach $50,000 this year, and potentially rise to $120,000 by the end of 2024

ChainCatcher news, Standard Chartered analyst Geoff Kendrick stated that as miners reduce their sales of Bitcoin, the valuation of Bitcoin could reach $120,000 by the end of 2024. In a note on Monday, he wrote: "We reiterate that the target price for Bitcoin by the end of 2024 is around $100,000, and the reduction in miner sell-offs could provide potential upside."

In April this year, he predicted that Bitcoin could reach $100,000 by next year, and now considering the profitability of miners, he believes this prediction may be too conservative.

Kendrick added that the $120,000 price is valid, representing nearly a 300% upside compared to current levels. He expects Bitcoin to rise 67% this year, reaching $50,000.