November 26, 2022

Standard Chartered Analysts Forecasts Bitcoin Price Hitting $100k by Year End

2 min read

It is not unusual to find mainstream market strategists release opinions on the cost valuations of digital currencies, as the cryptocurrency industry is now in the limelight. According to a Reuters report, experts from the international bank, Standard Chartered, are anticipating the price of Bitcoin (BTC) to close in the year 2021 with a high of $100,000. Per the report, the timeline to attain this might span to early 2022 with the capacity for the digital currency to soar towards a $175,000 cost target in the long term.

Running through a new crypto research system, the Standard Chartered experts, led by Geoffrey Kendrick also have a positive forecast for Ethereum (ETH). The bank said it “structurally” projects the price of Ethereum to trade within the variety of $26,000-$35,000, nevertheless, that task will be strengthened with Bitcoin altering hands at $175,000.

“As a circulating medium, bitcoin may end up being the dominant peer-to-peer payment approach for the worldwide unbanked in a future cashless world,” the researchers composed, adding “Cyclically, we expect a peak around $100,000 in late 2021 or early 2022.”

Bitcoin Price to Face Least Resistance on the Way to $100K

Bloomberg’s Senior Commodity Strategist, Mike McGlone likewise anticipates Bitcoin to grow toward the $100,000 price mark in the medium to long term. As reported earlier, McGlone believes that the growth path of the premier digital currency towards the price mark is expected to deal with the least resistance after the broad cost correction the cryptocurrency dealt with amidst the increased Chinese federal government clampdown on mining activities.

“After enduring a gut-wrenching correction, we see the crypto market most likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from attaining record highs in 2H may be the more evasive concern. Increasing demand and adoption are facing reducing supply,” McGlone stated, commenting towards the forecasted market healing.

Lots of fundamental occasions in the Bitcoin community consisting of the coin’s status as a legal tender in El Salvador will contribute to powering the development of the digital asset. Bitcoin’s volatility is still evident in day trading, with the cryptocurrency printing a high of $47,334.06 in the previous 24 hours and a low price of $44,561.39 at the time of writing.

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