Standard Chartered Bank predicts that Bitcoin may reach $50000 this year and $120000 by the end of 2024. The bank predicts that the rise in Bitcoin prices may encourage Bitcoin "miners" to hoard more Bitcoin supplies. In April of this year, Standard Chartered Bank released a forecast that the so-called "cryptocurrency winter" had come to an end and Bitcoin prices would reach $100000 by the end of 2024. However, Geoff Kendrick, the bank's top foreign exchange analyst, stated that there is now 20% "upward space" for this forecast. Kendrick stated in a report: "The increased profitability of miners mining Bitcoin means they can reduce sales while maintaining cash inflows, reduce the net supply of Bitcoin, and push up the price of BitcoinStandard Chartered Bank predicts that Bitcoin may reach $50000 this year and $120000 by the end of 2024. The bank predicts that the rise in Bitcoin prices may encourage Bitcoin "miners" to hoard more Bitcoin supplies
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