Several market analysts have come up with new predictions for bitcoin’s price in the next 4-6 months as the digital asset continues to attract new investors into the space.
According to a Wednesday report, a new cryptocurrency research team at the British multinational banking and financial services firm, Standard Chartered Bank, has speculated that bitcoin will hit the $100,000 mark by early 2022.
The analysts at Standard Chartered are convinced that bitcoin will break past the resistance and double its price by the end of 2021 or early 2022.
In a note to clients, Geoffrey Kendrick, the global head of Standard Chartered new cryptocurrency research team said,
“As a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world. Cyclically, we expect a peak around $100,000 in late 2021 or early 2022.”
The report also asserted that bitcoin could be worth as much as $175,000 in the long term.
ETH To Hit $35k
While predicting the price of the most popular cryptocurrency, the Standard Chartered analysts also noted that the price of the second most popular crypto asset, Ethereum, will also experience a 10x increase in the coming months.
They said that they have “structurally” valued ETH to be worth around $26,000-$35,000. However, the report added that for ETH to reach that level, bitcoin would have to be near $175,000.
Bitcoin’s Volatility Continues
Bitcoin investors had been thrilled when the asset crossed the $50k mark and even climbed to highs of above $52,000 on Monday.
However, within 24 hours, it all came crashing down as the asset’s price plummeted. Yesterday, over $2.16 billion worth of bitcoin was liquidated within an hour as soon as the asset dropped below $43k.
While several traders were bemoaning their losses, El Salvador utilized this flash crash to add more bitcoins to its portfolio as it celebrates its Bitcoin Day by adding 150 BTC, bringing its total bitcoin holdings to 550 BTC.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!