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Standard Chartered Bitcoin Forecast Might Shock Traders Worldwide

The value of cryptocurrencies next year is expected to soar sharply. This is based on research from the research team at Standard Chartered about Bitcoin forecast.

The research team predicts the value of Bitcoin will double, and reach US$100 thousand by the beginning of next year. In addition, in the long term, it is worth up to US $ 175 thousand.

They also remind 'structurally' the value of Ethereum at US$26K - US$35K. Although to reach that level Bitcoin must be close to US $ 175 thousand.

"As a medium of exchange, Bitcoin may become the dominant peer-to-peer payment method for the unbanked global in the future of a cashless world," said Geoffrey Kendrick, head of Standard Chartered's new crypto research unit.

In a note sent to clients on Tuesday, Standard Chartered's research team said, "cyclically we predict a peak of around US$100 thousand in late 2021 or early 2022".

In trading in Europe some time ago, Bitcoin was worth the US $ 46,024. This happened after it peaked last Monday at a price of US$ 52 thousand.

The same prediction was previously made by the managing director at Midas Touch Consulting, Florian Grummes. But according to him, before reaching the level of US $ 100 thousand, the value of Bitcoin must decline first.

He also advised investors to wait for US$34 thousand to US$38 thousand in Bitcoin before making a purchase.

"What we've had in the last five weeks is a nice, sharp rebound after the sell-off that is the hallmark of cryptocurrencies," Grimes said, quoted by Kitco.

"If there is another selloff, bitcoin is at risk to US$ 25,000/coin. It is still possible, after that bitcoin will return to the range of US$ 35,000/coin and back to US$ 60,000/coin then buy will return again. I think bitcoin will touch $100,000/coin in the next six months".

Broadly speaking, there are about 4 (four) factors that affect the price of Bitcoin on the global market in the future, which I will summarize as follows:

1. Distribution & Volume of Bitcoin in the World

This type of cryptocurrency has only just become known to the world community in the last decade. Unlike forex, gold and other financial instruments, the number of Bitcoin chips that have been distributed is much less.

For example, until 2015 alone, the total number of Bitcoins in circulation was estimated at 14 million pieces.

To date, a report says that there are around 18 million pieces of Bitcoin that have been distributed, while the total of all Bitcoins is 21 million pieces. So there are about 3 million pieces to find by mining.

2. Speculation Factors for International Traders

In fact, the majority of Bitcoin owners still regard this cryptocurrency as a fairly profitable trading tool, and not as a legitimate medium of exchange. So don't be surprised if traders will sell it when there is a profitable difference between buying and selling Bitcoin.

Therefore, they will be required to continue to monitor developments in global political and economic issues. The trend is that many of the international giants have now recognized Bitcoin as a legal medium of exchange, alongside other currencies.


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