HomeCryptoBitcoin price to hit $100K in 2021 or early 2022: Standard Chartered

Bitcoin price to hit $100K in 2021 or early 2022: Standard Chartered

Industry consultants see Tuesday’s crypto market plunge as a “false dip” whereas reiterating the $100,000 Bitcoin (BTC) price for the top of the yr. 

In a brand new report by Standard Chartered’s cryptocurrency analysis unit, Bitcoin is predicted to hit $100,000 “in late 2021 or early 2022,” accompanied by an enormous Ether (ETH) price spike.

The analysis staff stated that Ether is “structurally” valued at $26,000–$35,000 — 10 instances its present price — however BTC should attain $175,000 for that to happen. 

Nick Spanos, one of many first BTC alternate operators and co-founder of Zap Protocol, outlined the Tuesday crash in the crypto market as a false dip. “Big finance and the media say it’s because there was a bumpy rollout in El Salvador. I’m in El Salvador right now and things are looking spectacular,” he stated, including:

“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 backed the concept of a $100,000 Bitcoin price on the finish of the yr, including that Ether can also be wanting to hit $10,000 by then.

Related: El Salvador buys the dip as Bitcoin price flash crashes to $42.9K

Spanos stated that “there’s essentially a fire sale as a result of the dip, will almost certainly prove to be a great move.”

Bitcoin’s price is nearing $46,400 on the time of writing. As Cointelegraph reported, Bitcoin was closing in on $53,000 on Tuesday, the day El Salvador adopted the biggest cryptocurrency as authorized tender, earlier than taking a pointy dive to $43,000.