{"id":460268,"date":"2023-11-27T09:18:14","date_gmt":"2023-11-27T09:18:14","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=460268"},"modified":"2023-11-27T17:00:18","modified_gmt":"2023-11-27T17:00:18","slug":"bitcoin-price-may-hit-120000-by-end-of-2024-on-miner-profitability-driven-by-btc-halving-standard-chartered-says","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-may-hit-120000-by-end-of-2024-on-miner-profitability-driven-by-btc-halving-standard-chartered-says","title":{"rendered":"Bitcoin Price May Hit $120,000 By End Of 2024 On Miner Profitability Driven By BTC Halving, Standard Chartered Says"},"content":{"rendered":"

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

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

That would mean reduced BTC supply, increased demand and thus a price surge.<\/p>\n

Bitcoin Price: Standard Chartered Revises April Forecast<\/h3>\n

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.<\/p>\n

An increase to $120,000 would be a 225% climb from current levels.<\/p>\n

Kendrick estimates that almost 100% of all Bitcoin mined was sold in the second quarter.<\/p>\n

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.<\/p>\n

“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.<\/p>\n

Bitcoin Price Holds Steady<\/h3>\n

The Bitcoin price is holding strong at 36,962 as of 11:45 a.m. EST.<\/p>\n

\"Bitcoin<\/a>
TradingView: BTC\/USDT 1-day chart<\/a><\/figcaption><\/figure>\n

Spot Bitcoin ETF Narrative Keeps BTC Afloat Above $30,000<\/h2>\n

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.<\/p>\n

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

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#Bitcoin<\/a>'s mining landscape hits a milestone with a record-high difficulty level. 📈<\/p>\n

The surge in hash rate signals intensified competition for miners.<\/p>\n

How do you think this will impact the future of $BTC<\/a> mining?<\/p>\n

Share your thoughts! 💬<\/p>\n

— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023<\/a><\/p><\/blockquote>\n