CryptoNews: Standard Chartered now expects the price of Bitcoin to reach $120,000 by the end of 2024, citing the key factors as miners hoarding their coins and halting supply additions. 👀
to reach $120,000 by the end of 2024, citing the key factors as miners' hoarding of their coins and halting supply additions.to a report published in April, that while miners continue to sell 100% of their freshly mined coins to cover costs currently, if Bitcoin's price increases to $50,000 by the end of the year, this percentage of sold coins may drop to just 20-30%, reducing the amount of coins in circulation and triggering a bullish feedback loop.
In the meantime, data from on-chain analytics company Glassnode reveals that over the past few months, a significant portion of BTC has been shifting hands from short-term holders to strong hands, which is a key element of all prior Bitcoin bull markets.Related Articles
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