Bitcoin could surge 300% to $120,000 next year as miners reduce token sales, Standard Chartered says

• Bitcoin's price could reach $50,000 this year and $120,000 by the end of 2024, Standard Chartered said.
• The bank said bitcoin has additional upside from its earlier 2024 forecast for $100,000.
• Reduced bitcoin sales by miners will help boost prices more than expected.

Bitcoin 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.

In April, he predicted bitcoin could reach $100,000 by next year, but now thinks that could be too conservative when accounting for miner profitability.