In the world of cryptocurrencies, there is always movement and new assessments that sway investor sentiment. This time, the excitement comes from an unexpected source – a British bank.
Ever since Kendrick raised his price target for Bitcoin to $120,000 by the end of 2024 in the summer, he has been known as a crypto bull. Now, this Chief Analyst for digital assets at Standard Chartered has taken a closer look at Ethereum and made a similarly bullish prediction.
The current use of Ethereum for NFTs and DeFi is just the tip of the iceberg, according to the study. The technology offers much more potential, particularly in areas such as gaming or tokenization. The ability to tokenize physical objects with blockchain-based smart contracts could be a boon for Ethereum.
Kendrick further argues that established companies will gradually recognize the benefits of blockchain technology. He forecasts significant progress from 2025 onwards, which could have a massive impact on the Ether price.
By the end of 2026, the analyst sees a rise to $8,000 for the second-largest cryptocurrency by market capitalization. But this is not the only possible price development he has identified.
An end to the ""crypto winter,"" the Bitcoin halving in the spring of 2024, and positive developments on the regulatory front could be further catalysts for Ethereum. An end to the recent sell-off in the US bond market would also be positive for cryptos.
Supported by these factors, Kendrick predicts an increase to $4,000 by the end of 2024. However, given the past performance and the cautious sentiment in the crypto market, these targets appear extremely ambitious.
Nevertheless, investors should not underestimate the possibility of doubling or more in bull markets. However, these forecasts remain speculative and are only suitable for risk-taking investors who have patience and strong nerves.
