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

Experts agree that a $100,000 price tag for Bitcoin by the end of the year would also exponentially boost Ether’s price.

Image courtesy of CoinTelegraph

            SEPTEMBER 08, 2021

Industry experts see Tuesday’s crypto market plunge as a “false dip” while reiterating the $100,000 Bitcoin (BTC) price 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.

The research team said that Ether is “structurally” valued at $26,000–$35,000 — 10 times its current price — but BTC must reach $175,000 for that to occur.

Nick Spanos, one of the first BTC exchange operators and co-founder of Zap Protocol, defined 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 said, 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 backed the idea of a $100,000 Bitcoin price at the end of the year, adding that Ether is also looking to hit $10,000 by then.

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

Spanos said 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 at the time of writing. As Cointelegraph reported, Bitcoin was closing in on $53,000 on Tuesday, the day El Salvador adopted the largest cryptocurrency as legal tender, before taking a sharp dive to $43,000.

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Original article posted on the CoinTelegraph.com site, by Erhan Kahraman.

Article re-posted on Markethive by Jeffrey Sloe