may be primed for a $120,000 valuation by the end of 2024, as miners reduce sales of the top cryptocurrency, according to Standard Chartered analyst Geoff Kendrick.by next year, but now thinks that could be too conservative when accounting for miner profitability.
In a follow-up email to Insider, Kendrick said a price of $120,000 is valid, representing nearly 300% upside from current levels. He also expects bitcoin to jump 67% this year to $50,000. Kendrick estimated that just under 100% of all bitcoin mined was sold in the second quarter, but he expects miners will start to sell fewer over time. Historically, this occurs when bitcoin's price exceeds the average all-in cash cost of mining, as is happening
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