Bitcoin has been on a roller coaster in recent months but industry experts believe that the latest market plunge is a ‘false dip’. They insist that the $100,000 Bitcoin price might be reached by the end of the year.
In a report shared by Standard Chartered’s cryptocurrency research unit, BTC is projected to hit $100,000 “in late 2021 or early 2022.” They believe that the surge in the price of bitcoin will be accompanied by a major Ether (ETH) price spike.
This research team said that ETH is “structurally” valued at $26,000–$35,000 which is ten times its current price. However, Bitcoin needs to explode to $175,000 for Ethereum to reach these levels. Thus, the bitcoin surge is expected to exponentially boost Ether’s price.
One of the first Bitcoin exchange operators and the co-founder of Zap Protocol, Nick Spanos, said that the September 7 crash in the general cryptocurrency market is a false dip. He explained:
“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. 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 at the end of this year, saying that Ether is also seeking to reach $10,000 by then. He believes that there is importantly a fire sale due to the dip which is certainly proving to be a great move eventually.
BTC’s price is nearing $46,500 at the time of publication. Based on previous reports, Bitcoin was trying to surpass $53,000 on Tuesday as El Salvador adopted it as legal tender before it plunged to below $43,000.