Standard Chartered, a global bank, predicts that Bitcoin could surge 300% to $120,000 next year. This more bullish stance is attributed to increased mining profitability, which will lead to miners selling fewer tokens and reducing Bitcoin supply. The bank also expects Bitcoin to jump 67% this year to $50,000. Mining profitability has been climbing due to declining production costs and energy prices, while halving events and industry consolidation further reduce mining expenditures. This reduction in token sales by miners would decrease the net supply of Bitcoin and potentially lower its inflation rate.
AI Sentiment: Positive