In a note to clients seen by Reuters, a top analyst at Standard Chartered has predicted that the world’s leading cryptocurrency, Bitcoin, may surge to a new high next year.

In the note, Geoff Kendrick wrote that the cryptocurrency could rise to $50,000 this year, and possibly even further, given the increase in price would encourage miners to hoard a larger portion of the supply. He predicts this would produce an imbalance between supply and demand which would drive prices even higher.

Kendrick wrote, “Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”

UK banking leviathan Standard Chartered had already forecast that in 2024 Bitcoin could rise to $100,000, claiming that the so-called “crypto-winter” had ended due to the stresses in the financial sector as several banks had already collapsed, leading to fears over the stability of the sector.

Kendrick now predicts that there is a 20% “upside” to that prediction, and that he feels Bitcoin will hit $120,000 by the end of 2024, which would almost double the all-time high of the token, about $69,000, which it hit in 2021.

As the stock market endured a shock following the crisis in the banking sector earlier in the year, many experts predicted that Bitcoin would become an increasingly appealing investment. As the price has grown steadily, the token just hit a one-year high in June, and is up over 82% for the year.