A bitcoin positive-feedback loop could more than quadruple the price beyond $120,000, analyst says

• Bitcoin could soar above $120,000 if miners keep holding onto tokens, Standard Chartered analyst Geoff Kendrick said.
• In an interview with Insider, he acknowledged bitcoin’s price gains help fuel a positive-feedback loop.
• “And so your point about this becoming self-fulfilling, I suspect is actually a very important driver.”

Bitcoin miners are creating a virtuous circle that could propel the token’s price beyond already-bullish forecasts, Standard Chartered analyst Geoff Kendrick told Insider.

That’s as miners often sell fewer tokens when the price climbs, a bullish tendency that led him say earlier this month that $120,000 is possible next year, representing 300% upside from current levels.