Bitcoin's Price Could Skyrocket to $120,000, Fueled By Positive-Feedback Loop, Says Analyst
Portfolio Pulse from Benzinga Neuro
Standard Chartered analyst Geoff Kendrick predicts that Bitcoin's price could exceed $120,000 due to a positive feedback loop created by miners holding onto tokens. The upcoming halving of Bitcoin in 2024, which will reduce the reward given to miners, is another factor that could lead to price increases.
July 24, 2023 | 4:29 am
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Bitcoin's price could potentially rise above $120,000 due to miners holding onto tokens and the upcoming halving event in 2024, according to Standard Chartered analyst Geoff Kendrick.
The analyst's prediction is based on the behavior of Bitcoin miners who tend to hold onto tokens when the price increases, creating a positive feedback loop. The upcoming halving event in 2024, which will reduce the reward given to miners, is another factor that could drive the price up. However, the prediction is speculative and depends on several factors, including the behavior of miners and market conditions.
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