Standard Chartered Bank's cryptocurrency research team predicts that Bitcoin will reach $100000 by the end of this year or early next year, up 115% from its current level, and could reach $175000 in the long run.
The bank said in a report on Tuesday that it valued the "structure" of Bitcoin at between $50, 000 and $175000. "in terms of cycles, we expect to peak at about $100000 by the end of 2021 or early 2022."
The bank also predicted that the price at Tai Fong would rise tenfold from the current level to between $26000 and $35000, but did not give a timetable.
Standard Chartered's research team said: "in other words, while the potential return of Ethernet Fong may be greater than Bitcoin, it is also riskier," they added.
To reach this range, the team said, Bitcoin would need to trade close to the upper end of its valuation range, at $175000.