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Experts agree that a $100,000 price tag for Bitcoin by the end of the year would massively increase the price of Ether.
Experts regard Tuesday’s crypto market drop as a “false dip,” repeating the $100,000 Bitcoin (BTC) price target for the end of the year.
In a new report by Standard Chartered’s cryptocurrency research unit, Bitcoin is predicted to hit $100,000 “in late 2021 or early 2022,” accompanied by a huge Ether (ETH) price spike.
According to the study team, Ether is “structurally” valued at $26,000–$35,000 — ten times its present price — but BTC needs hit $175,000 for that to happen.
Nick Spanos, co-founder of Zap Protocol and one of the original BTC exchange operators, called Tuesday’s crypto market drop a “false dip.” “Big finance and the media claim it’s because of a rocky rollout in El Salvador. “I’m in El Salvador right now, and things are looking fantastic,” he added, before adding:
“So here we have a president who is breaking new ground, like a top CEO, rolling out innovation. He believes in it: he bought the dip, as everyone should be.”
Spanos supported the idea of a $100,000 Bitcoin price by the end of the year, adding that Ether is aiming for $10,000 by then as well.
According to Spanos, “there is effectively a fire sale as a result of the dip, will almost likely prove to be a wonderful move.”
At the time of writing, the price of Bitcoin is approaching $46,400. According to Cointelegraph, Bitcoin was approaching $53,000 on Tuesday, the day El Salvador recognised the largest cryptocurrency as legal cash, before plummeting to $43,000.