Standard Chartered Bank predicts Bitcoin will reach $100,000 by the end of this year or early next year

Standard Chartered Bank's cryptocurrency research team predicts that Bitcoin will reach $100,000 by the end of this year or early next year, an increase of 115% from current levels, and may reach $175,000 in the long term.

The bank said in a report on Tuesday that its "structural" valuation for Bitcoin is between $50,000 and $175,000. "From a cyclical perspective, we expect a peak of around $100,000 in late 2021 or early 2022."

The bank also predicted that the price of Ethereum will rise 10 times from its current level to between $26,000 and $35,000, but did not give a timeline.

Standard Chartered’s research team said: “In other words, while the potential rewards of Ethereum may be greater than Bitcoin, the risks are also higher,” they added.

For Ethereum to reach that range, the team said, Bitcoin would need to trade near the upper end of its valuation range, which is $175,000.