In a fresh price prediction on Wednesday, Standard Chartered announced that the two largest crypto assets, Bitcoin and Ethereum, could reach $120,000 and $ 8,000 by the end of 2024 and 2026, respectively. The banking giant had predicted that Bitcoin would get to $100,000 by the end of next year in April but stated that it would surpass that price mark by $20,000 due to bitcoin miners hoarding supply.
Ether to Do 5x in 3 Years.
Standard Chartered’s top FX analyst, Geoff Kendrick, forecasted that Ethereum would get to $8000 from its current price of below $1,600 by 2026. According to the market expert, the recent expansion of the network’s use case to tokenization and gaming would foster this run.
“We think Ethereum’s established dominance in smart contract platforms, along with emerging uses in gaming and tokenization, has the potential to push ETH to the $8,000 level by end-2026,” Kendrick stated in a report.
Kendrick highlighted that gaming and tokenization would allow the Ethereum network to provide a ‘proof of concept’ and draw real-world industries to the blockchain. The tokenization sector is gaining momentum, with the likes of Microsoft and JPMorgan already loving the prospect.
Halving to Steady Ship
According to Kendrick, the Bitcoin halving next year would steady all crypto ships, especially ETH, after what has been a prolonged winter market. The general market downturn saw bitcoin and altcoins lose more than double their values from all-time highs. Binance’s CEO, Changpeng Zhao, already noted on Monday that Bitcoin would hit multiple ATH after the halving in April.
Furthermore, Kendrick noted that the potential Bitcoin spot ETF approval and hopes of clearer regulation would also aid ETH price. He stated that these macroeconomics could set up Ether for $4,000 by the end of next year. Kendrick noted that in the long term, the Ethereum price would get to between $26,000 and $35,000.
