Standard Chartered has raised its optimistic forecast for Bitcoin, predicting it could reach up to $120,000 by the end of 2024.

The bank believes this is due to miners holding onto more of the cryptocurrency instead of selling it.

As miners become more profitable, they’re selling fewer Bitcoins, which reduces the overall supply and pushes prices higher.

This prediction considers the energy-intensive nature of Bitcoin mining and the potential for prices to rise in the future.

It’s in line with other bullish forecasts, like Cathie Wood’s prediction of Bitcoin hitting $1 million by 2030.

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Previously, the bank underestimated how higher miner profits could affect Bitcoin supply. Now, they expect the price to hit $50,000 by the end of this year before jumping to $120,000 in 2024.

The upcoming halving event in 2024, which reduces Bitcoin rewards, adds to the supply pressure.

Despite Bitcoin’s recent price increase, it’s still below its all-time high of nearly $69,000 in November 2021.

More people are becoming interested in Bitcoin, as seen in the rise of applications for Bitcoin exchange-traded funds, including one from BlackRock Inc.