Bitcoin Predictive Analysis Could Soar to $120,000 From Positive Feedback

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According to Standard Chartered analyst Geoff Kendrick, the price of Bitcoin could soar above $120,000 if miners continue to hold BTC. What Happened: Kendrick has shown that the behavior of Bitcoin miners, who are less likely to sell BTC when prices rise, can create a positive feedback loop that pushes Bitcoin's price beyond previous bullish forecasts. Why this matters: The upcoming Bitcoin halving in 2024 will cut the rewards for miners in half and this could also be seen as another bullish factor. Kendrick also pointed out that miners don't have much reason to sell other than Bitcoin's price increase, and there are many miners holding onto their bitcoins just in the hope that its value will eventually increase. “So basically, they want to have a company that starts cheap, everything is cheap including electricity and everything, and then keeps it that way, turning the business into a super leveraged investment,” he explains.