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Experts agree that a $100,000 price tag for Bitcoin by the end of the year would also exponentially boost Etherâs price.
Industry experts see Tuesdayâs crypto market plunge as a âfalse dipâ while reiterating the $100,000 Bitcoin (BTC) price for the end of the year.Â
In a new report by Standard Charteredâs cryptocurrency research unit, Bitcoin is predicted to hit $100,000 âin late 2021 or early 2022,â accompanied by a huge Ether (ETH) price spike.
The research team said that Ether is âstructurallyâ valued at $26,000â$35,000 â 10 times its current price â but BTC must reach $175,000 for that to occur.Â
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. âBig finance and the media say itâs because there was a bumpy rollout in El Salvador. Iâm in El Salvador right now and things are looking spectacular,â he said, adding:
âSo 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.â
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 âthereâs essentially a fire sale as a result of the dip, will almost certainly prove to be a great move.â
Bitcoinâs 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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