Bitcoin has seen a recent surge in price, with a breach of $30,000 attributed to several factors, including increased institutional adoption, a bullish market, and a weakening US dollar. This surge has sparked renewed interest in other cryptocurrencies, with many altcoins experiencing significant gains in value. 


While some believe that Bitcoin's rise above $30,000 is a sign that the crypto market is maturing and becoming more stable, others warn that significant risks still exist for investors. 


Standard Chartered, a London-based banking corporation, has adjusted its Bitcoin prediction for 2024 from $100,000 to $120,000, citing increased miner profitability. The bank's top FX analyst, Geoff Kendrick, suggests that increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher. 


The bank also notes that miners needing to sell fewer of the 900 new BTC minted daily to cover operational costs, primarily energy consumption, is a driving factor in the proposed increase. Additionally, Bitcoin's supply mechanics, which will halve the daily mining limit in April or May 2024, further contribute to this reduction. 


 Nonetheless, predictions such as Standard Chartered's suggest that the future of Bitcoin and the wider crypto market could be positive.