The price of Bitcoin could increase 300% by the end of 2024 and reach $120,000, according to the latest forecast by Standard Chartered.

The prediction stems from the expected decline in token sales by Bitcoin miners.

Earlier this year, Standard Chartered analyst Geoff Kendrick forecast that the world's largest cryptocurrency could reach $100,000 next year. However, he now believes this prediction could be overly conservative, particularly taking into account the profitability of Bitcoin miners, Crypto News reports.

Kendrick echoed his Bitcoin price target of around $100,000 for the end of 2024 in a recent note but added there may be a possible upside as a result of reduced miner sales.

He also said in another note that his $120,000 price target remains valid, representing an upside of around 300% from the current levels. In addition, he said he forecasts Bitcoin to rise 67% to reach $50,000 this year.

Furthermore, the Standard Chartered analyst predicts that just under 100% of all Bitcoin produced by miners was sold between April and June this year. That said, he forecasts miners will begin to sell less over time, the Crypto News report goes on to add. This typically occurs when the price of Bitcoin surpasses the average all-cash cost of mining.

"If the Bitcoin price averages $50,000 in the first quarter of 2024 as we estimate, the 'Bitcoin minus all cash costs' calculation will increase to $30,000," Kendrick stated.

He went on to say: "On this basis, selling just 27% of Bitcoin mined in Q1 2024 would yield the same level of absolute cash surplus as selling 100% in Q2 2023."