Bitcoin Could Reach $50,000 this year and double by the end of 2024!

According to analysts at Standard Chartered, bitcoin could reach $50,000 this year and $120,000 by the end of 2024 as crypto miners begin stockpiling the digital asset.

As the world’s leading digital asset, bitcoin has been embraced by traditional finance companies and seen its price skyrocket over the past year. Now, analysts at Standard Chartered are predicting that the digital currency could reach $50,000 this year and an even more impressive $120,000 by the end of 2024.

The bank’s rationale for the prediction is based on the fact that miners of the 900 new bitcoins produced each day are beginning to stockpile the asset. As their profitability per bitcoin mined increases, they can sell less while maintaining cash inflows, reducing net bitcoin supply and pushing bitcoin prices higher.

The rise of U.S. acceptance of bitcoin mining has seen a rise in large U.S.-listed miners, while the number of bitcoin being mined in April and May 2024 will be set to halve due to an inbuilt supply and issuance mechanism that gradually limits supply to maintain its appeal.

Year to date, the digital asset’s price has ballooned more than 80% and now sits at roughly $30,384, well below its $69,000 high mark reached in November 2021. Despite the fall of FTX and Binance’s suspension of U.S. deposits after the Securities and Exchange Commission (SEC) accused the exchange of operating a ‘web of deception,’ bitcoin has recently traded above the $31,000 level.

The news of bitcoin’s potential rise to $120,000 by 2024 has been met with optimism by crypto investors. With U.S. acceptance of bitcoin mining on the rise and its price continuing to increase, the digital currency could become a major player in the financial sector.