Standard Chartered analysts predict that Bitcoin could surge by 60% this year. In a research note on Monday, Geoff Kendrick outlined his bullish views on the world’s largest cryptocurrency, which has already seen a massive 85% rally since the start of the year.
Kendrick believes that miners will be rewarded for stocking large quantities of BTC if the price continues to increase, leading to a net annual reduction in the sale of BTC of 250,000. He also mentioned that the total supply of BTC is expected to be halved in May 2024.
Kendrick’s original forecast for the end of 2024 was $100,000, but he now believes it could reach $120,000 in the next year. This could be made possible if the Securities and Exchange Commission greenlights a Spot Bitcoin ETF, as filed by BlackRock and other asset managers.