Standard Chartered have pumped their 2024 bitcoin forecast to as high as US$120,000

<p>Crypto analysts at Standard Chartered have boosted their Bitcoin forecast:</p><ul><li>to USD 50,000 in 2023</li><li>and to as high as USD 120,000 in 2024 (from $100K in April, analysts at the bank now say this call has a 20% upside)</li></ul><p>Citing:</p><ul><li>"Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher" </li><li>given the better profitability the miners minting circa 900 new bitcoins that are produced each day around the world would soon need to sell fewer to cover their costs</li></ul><p> Stan Chart estimates that miners have recently been selling 100% of their new coins, but if the price hits $50K they would probably only sell 20-30%. And thus, </p><ul><li>"It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently."</li><li>"Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year."</li></ul><p>Bitcoin update. Pump and …. well, you know the rest …</p><p>Stan Chart info via Reuters report. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.