Bitcoin Price May Hit $120,000 By End Of 2024 On Miner Profitability Driven By BTC Halving, Standard Chartered Says

Updated: 27 November 2023

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Bitcoin price has the potential to hit $50,000 in 2023 and $120,000 by the end of 2024, Standard Chartered Bank said.

Analyst Geoff Kendrick attributes his optimistic forecasts to miners reducing their BTC sales with the Bitcoin halving scheduled for around April. Kendrick anticipates increased mining profitability as a result with miners thus needing to sell fewer tokens.

That would mean reduced BTC supply, increased demand and thus a price surge.

Bitcoin Price: Standard Chartered Revises April Forecast

Kendrick’s prediction is a revision of his April forecast, when he said the Bitcoin price will hit $100,000 by 2024. After factoring in miner profitability, he acknowledges that the target was a short throw, and is now adding $20,000 to estimate.

An increase to $120,000 would be a 225% climb from current levels.

Kendrick estimates that almost 100% of all Bitcoin mined was sold in the second quarter.

He sees miners reducing the number of mined BTC over time, as has happened previously when the price of BTC goes beyond the average all-in cash cost of mining, as is the situation now.

“If the BTC price averages $50,000 by Q1-2024, as we predict, the ‘BTC minus all cash costs’ calculation would rise to $30,000,” he said. “On that basis, selling just 27% of BTC mined in Q1-2024 would generate the same absolute level of excess cash as selling 100% in Q2-2023.” This would be sufficient to lower the net supply of Bitcoin by approximately $250,000.

Bitcoin Price Holds Steady

The Bitcoin price is holding strong at 36,962 as of 11:45 a.m. EST.

Spot Bitcoin ETF Narrative Keeps BTC Afloat Above $30,000

The restoration above the $30,000 mark is partly influenced by the recent interest among institutional players in spot exchange-traded funds (ETFs). The narrative has provided tailwinds for the king of cryptocurrency, inspiring bullish predictions among industry sleuths, analysts, and observers. Among them, Tom Lee, head of research at Fundstrat Global Advisors, predicted a $200,000 valuation is coming.

Meanwhile, investors continue to front-run the spot Bitcoin ETF approval and halving narratives, with many boarding two trains ahead of these events: BTCETF and BTCMTX.

#Bitcoin's mining landscape hits a milestone with a record-high difficulty level. 📈

The surge in hash rate signals intensified competition for miners.

How do you think this will impact the future of $BTC mining?

Share your thoughts! 💬

— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023

BTCETF

BTCETF is the powering token for the Bitcoin ETF Token ecosystem, the only project that rewards holders as BTC ETFs are approved.

Describing #BitcoinETF: not just an anticipation for the #Bitcoin #ETF surge, but a utility #Token! 🚀

A quarter of the supply is set for incentives, promoting network strength.

Stay tuned for details on the platform for full transparency! pic.twitter.com/loXeh8JyMQ

— BTCETF_Token (@BTCETF_Token) November 26, 2023

The project is in the fifth stage of the presale, with BTCETF tokens selling for $0.0058. This price tag is due to end in about 16 hours, meaning investors have a narrow window to take advantage of the stage 5 discount.

🌐Leading multinationals like @BlackRock reinforce the imminent arrival of #Bitcoin ETFs, setting the stage for regulatory approvals.

Once approved, these #ETFs might pour billions into the #Crypto world.

What do you think will happen when the first #BitcoinETF is approved?🌎 pic.twitter.com/vUZ4RGtd5w

— BTCETF_Token (@BTCETF_Token) November 25, 2023

So far, the presale collections have reached $1.817 million, out of a target objective of $2.123 million.

Visit the Bitcoin ETF Token website to buy BTCETF in the presale here.

BTCMTX

BTCMTX is the ticker for the Bitcoin Minetrix project, a stake-to-mine project that makes BTC ownership easier. Experts say it could 10X at launch even as it ushers the crypto world into the future of cloud mining.

Bitcoin Minetrix token, BTCMTX, is selling for $0.0119 in stage ten of its presale. This price tag will only hold for the coming four days until the next price rise.

#BitcoinMinetrix Stage 10 is now well underway! 🪙

What strategies do you think will drive future advancements in #Bitcoin mining technology? 🛠️ pic.twitter.com/2X77i6F5UZ

— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023

So far, presale collections have reached $4.472 million out of a target objective of $5.287 million.

@HIVEDigitalTech expands its global mining footprint with a new data center in Sweden, committed to green energy practices and boosting #Bitcoin production. 🌐#BitcoinMinetrix has also reached another phenomenal milestone, raising over $4,400,000! pic.twitter.com/IcCDlQn7kw

— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023

Visit Bitcoin Minetrix website to buy BTCMTXC in the presale here.