It is not uncommon to find mainstream market strategists issue opinions on the price valuations of digital currencies, as the cryptocurrency industry is now in the limelight. According to a Reuters report, analysts from the multinational bank, Standard Chartered, are expecting the price of Bitcoin (BTC) to close in the year 2021 with a high of $100,000. Per the report, the timeline to achieve this may span to early 2022 with the potential for the digital currency to soar toward a $175,000 price target in the long term.
Operating through a new crypto research unit, the Standard Chartered analysts, 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 range of $26,000-$35,000, however, that feat will be bolstered with Bitcoin changing hands at $175,000.
“As a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world,” the researchers wrote, 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 also expects 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 toward the price mark is expected to face the least resistance after the broad price correction the cryptocurrency faced amid the heightened Chinese government clampdown on mining activities.
“After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from achieving record highs in 2H may be the more elusive question. Increasing demand and adoption are facing diminishing supply,” McGlone said, commenting towards the projected market recovery.
Many fundamental events in the Bitcoin ecosystem including the coin’s status as a legal tender in El Salvador will contribute to powering the growth 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 past 24 hours and a low price of $44,561.39 at the time of writing.