Standard Chartered Takes Bullish Stand On Ethereum, Puts Price At $35,000

Ethereum has seen some optimistic price predictions this year. While a lot of analysts have erred on the conservative side, others have gone the route of being overly optimistic. With some putting the price of the altcoin at $20,000, like in the case of Real Vision founder Raoul Pal. But none have gone as high as where the British banking giant puts the price of the asset.

There has been widespread sentiment in the market regarding the potential of Ethereum to overtake Bitcoin at some point, and it looks like institutions believe this too. Last month, deVere CEO Nigel Green said in a statement that Ethereum was set to outperform Bitcoin in the long run. Green pointed to numbers from the past year which already showed that the former was already outperforming the latter in the market, giving it a timeline of five years.

Related Reading | Flash Crash, Ethereum Tests Support With 17% Drop And Risks Further Losses

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Standard Chartered More Bullish On Ethereum

Standard Chartered released a new report on crypto on Tuesday. In it showed the bank’s view on cryptocurrencies, with a focus on Bitcoin and Ethereum. The report showed the banking giant had a more favorable view on Ether, which it believes is superior to Bitcoin due to the fact that it is akin to a financial market. The rise of decentralized finance (DeFi) has seen the rise of protocols offering alternatives to traditional financial services like lending, borrowing, and yield farming.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Standard Chartered sees Bitcoin doing well in the long run, but not performing as well as Ether because it is more like a currency. The bank sees the use cases of Ethereum being the major catalyst that sees the market capitalization overtake that of Bitcoin.

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Longer-term price predictions came out to the range of $50,000 to $175,000 over the long term for Bitcoin. Only about a 300% price increase for the asset from its current levels. While the report put forth a much more optimistic price prediction for Ethereum. Standard Chartered expects that the price of ETH in the long term will be in the $26,000 to $35,000 range, predicting a 1,000% increase in the price from its current point.

ETH Keeps Outperforming BTC

At first glance, Standard Chartered’s prediction for both cryptos may seem too wild to be true. But a look at the charts for both assets shows that the analysts are on to something here. In 2021 alone, Bitcoin has grown about 38% to the present day. On the other hand, Ethereum has grown 240% this year alone. A year-over-year analysis shows that ETH has consistently outperformed BTC in the market. Coupled with its use cases, this makes it a prime candidate for institutional investments.

Bitcoin price chart from

Bitcoin price chart from

BTC has grown 38% in 2021 | Source: BTCUSD on

Ethereum price chart from

Ethereum price chart from

ETH has grown 240% in 2021 | Source: ETHUSD on

One thing the Standard Chartered report does acknowledge though is the importance of BTC growth to that of ETH. Although it is bullish on ETH, it acknowledges that for ETH to get to the predicted price point, BTC would actually need to first get to its predicted $175,000.

Featured image from ETF Stream, charts from


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Bitcoin price ‘relief’ move to $47K pushes BTC below stock-to-flow trajectory

Bitcoin (BTC) may be making long traders miserable but one bullish analyst says that he is “relieved” that it has shed 22% in a week.

In his latest social media update, quant analyst PlanB noted that the price dip to under $48,000 has sent BTC/USD below its target laid out by his stock-to-flow price model.

“Astonishing” stock-to-flow gets it right again

As such, Bitcoin is no longer “front-running” stock-to-flow, which is traditionally a highly accurate price forecasting tool. After trading above its required level, PlanB suggested that he had become concerned progress was becoming inorganic.

“I am sort of relieved btc price is now under s2f model value again,” he wrote in a conversation with “The Bitcoin Standard” author Saifedean Ammous, who called its predictions “astonishing.”

“For a moment I thought that people were front running the model and that the supercycle had started. Now we are back to normal .. like clockwork.”

BTC/USD spot price vs. stock-to-flow trajectory. Source: PlanB/ Twitter

Both the terms “clockwork” and “supercycle” will be familiar to long-term hodlers, these often describing Bitcoin’s relationship to stock-to-flow and the qualities of the current bull run, respectively.

As Cointelegraph reported, the two iterations of the model, stock-to-flow and stock-to-flow (S2F) cross-asset (S2FX), variously call for an average BTC/USD price of $100,000 or $288,000 between now and 2024.

Previously, PlanB said he believed Bitcoin would not stop at $100,000, which it should hit this year

“Bitcoiners are often too bullish in the bull market, and too bearish in the bear market!” podcast host Stephan Livera, responded to Ammous.

“I don’t think we supercycle this time either.”

Sentiment shakeout continues

Meanwhile, various factors were being pitched as the impetus for the latest round of price losses, these including CME futures now trading below spot price as bearishness enters, as well as a negative Coinbase premium.

The latter suggests bullishness when it is positive, but the reverse — when Coinbase spot price is lower than that of fellow exchange Binance — is also true.

The flip to negative coincided with a series of a major sell orders on Coinbase, each one causing a brief downward spike in its orderbook spot price.

Coinbase orderbook with selling and price dips. Source: Josh Olszewicz/ Twitter

In a sign that irrational sentiment is still to leave the market, the Crypto Fear & Greed Index also remained in “greed” territory despite dropping to monthly lows, though still suggesting that a sentiment reset had yet to kick in.

During its initial drop from all-time highs near $65,000, Bitcoin saw mass liquidations of long positions.