British banking giant Standard Chartered cryptocurrency research leader Geoffrey Kendrick, Ethereum He said the price could still reach its $35,000 target in the long run.
The giant British bank first voiced this extremely optimistic target last September.
At that time, after a minor correction in the cryptocurrency market, there was preparations to launch a major rally.
The Same Analyst Claimed that Bitcoin Price Will Reach $100,000 in the First Quarter of 2022
Kendrick in September Bitcoin price He claimed it would peak around $100,000 in early 2022.
However, the analyst’s prediction turned out to be extremely wrong. Although the BTC price rose to a record high of $69,000 in November, a bear cycle started after that, with the effect of macroeconomic factors.
At the time of this writing, the BTC price is trading at $ 38,365.
“I Still Believe In The $35,000 Target For Ethereum”
Standard Chartered crypto researcher said that despite the depreciation of cryptocurrencies, institutional funds are flowing into the crypto sector.
In addition, Kendrick stated in his statement that Ethereum will also benefit from the transition to the Proof of Stake mechanism in the coming period.
The highly anticipated network upgrade is expected to happen later this year.
Kendrick also stated that they continue to believe in their long-term target of $35,000.
Analyst Pointed To These Two Altcoins
However, Standard Chartered analyst Avalanche (AVAX) and Polkadot (DOT) He also announced that there are cryptocurrencies on the list.
Last July, one of the divisions of Standard Chartered announced that it plans to offer a crypto brokerage service in hopes of capitalizing on the growing demand for cryptocurrencies.
In addition, in October, Standard Chartered CEO Bill Winters said that cryptocurrencies will not leave our lives.
*Not investment advice.