Standard Chartered has predicted a $50,000 price target for Bitcoin (BTC) by the end of 2023, noting that Ethereum (ETH) could touch $8,000 by 2026.
The latest call is a build-up from the previous $100,000 forecasted by the bank in April as one of its top analysts, FX analyst Geoff Kendrick is optimistic the top coin now has a 20% “upside.”
As such, Kendrick believes the best-case scenario can see Bitcoin’s price touching $120,000 by 2024.
Standard Chartered’s Bitcoin Bullish Thesis
The British multinational banking giant now ranks as one of the mainstream financial institutions with a positive disposition toward Bitcoin. The firm’s thesis is hinged on the basis that the damning crypto winter is over, and the current outlook indicates that miners might be hoarding some of the coin’s supply.
Despite the erratic market trends, Bitcoin has managed to print a 63.46% growth in the Year-to-Date (TYD) period. This profitability is a positive boost for miners, who may start selling fewer mined coins to power their operations.
While the fundamentals behind the call from the Standard Chartered analyst are hinged on miner disposition, Bitcoin sentiment has evolved in other vital areas as well. One of these critical aspects is the anticipation behind a Bitcoin spot ETF product.
Several market experts are optimistic that if the United States Securities and Exchange Commission (SEC) approves this application, it can catalyze the growth in Bitcoin price.
For Ethereum, Kendrick pointed out that the $8,000 projection is a conservative estimate for a longer-term target of $26,000 to $35,000. The analyst believes some of Ethereum’s potential use cases that can boost revenue streams have not emerged yet.
BTC Boasts More Ambitious Forecasts
Besides the promising Bitcoin forecast from Standard Chartered, the asset has bagged other highly bullish price predictions from top market experts.
Cathie Woods, the founder of Ark Invest, an asset management firm, is among the biggest proponents of a massive Bitcoin price surge. According to one of her forecasts, Bitcoin can soar up to $1 million by 2030, and Ethereum was given a $160,000 price mark within the same timeframe.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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