Standard Chartered expects Bitcoin to reach $50,000 by the end of 2023 and believes Ethereum could hit $8,000 by 2026.
The latest prediction is an increase from the bank’s previous forecast of $100,000 made in April. Geoff Kendrick, one of the bank’s top analysts, is feeling positive and thinks that Bitcoin could go up by about 20%. In the best-case scenario, he envisions Bitcoin reaching $120,000 by 2024.
The big British bank is now one of the major financial institutions that like Bitcoin. They think the tough times for Bitcoin are over, and miners might be holding onto more of it.
Even though the Bitcoin market has been up and down, it’s gone up by 63.46% so far this year, which is good for miners. They might not sell as much of what they mine.
The analyst from Standard Chartered also says that the estimate of $8,000 for Ethereum is playing it safe. In the long run, he thinks it could go much higher, maybe between $26,000 and $35,000. He believes there are more ways Ethereum can make money that we haven’t seen yet.
One more important thing is that people are hoping for a Bitcoin exchange-traded fund (ETF) in the U.S., and if the regulators approve it, it could make Bitcoin’s price go up.
Bitcoin Predictions Get Bolder
Apart from the optimistic Bitcoin prediction by Standard Chartered, other leading experts are making highly positive forecasts.
Cathie Wood, the founder of Ark Invest, a company that manages assets, is a strong supporter of a significant increase in Bitcoin’s price. She has made a prediction that Bitcoin could reach as high as $1 million by the year 2030. She also set a price target of $160,000 for Ethereum within the same period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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