- Bitcoin could soar above $120,000 if miners keep holding onto tokens, Standard Chartered analyst Geoff Kendrick said.
- In an interview with Insider, he acknowledged bitcoin's price gains help fuel a positive-feedback loop.
- "And so your point about this becoming self-fulfilling, I suspect is actually a very important driver."
Bitcoin miners are creating a virtuous circle that could propel the token's price beyond already-bullish forecasts, Standard Chartered analyst Geoff Kendrick told Insider.