Analysts at British bank Standard Chartered predict that Bitcoin’s price could reach $100k by the end of 2021 or early next year while Ether could hit $10k by then.
The digital currency has been trading close to the $50k region, but analysts at Standard Chartered believe that its price could double in the coming months.
Bitcoin is currently struggling below the $50k level and is currently exchanging hands at $46,203.58 a 0.65% decline as at 12.00P. M East African Time.
However, market experts are confident that it could touch the $100,000 region in the coming months. Several industry experts have touted $100k as the next level for BTC after the cryptocurrency set a new all-time high above $64k earlier this year.
A new report by the cryptocurrency research team at British bank Standard Chartered predicted that BTC could hit the $100k level soon. The research team said BTC’s move to $100,000 could also trigger further price surges in Ether.
Currently, Ether is trading at $3,403.40 a 4.24% 24hour loss. However, the researchers stated that the second-largest cryptocurrency by market cap would reach the $35,000 level in the medium term meaning that Ether is set to move by more than ten times its current trading price.
Recently, El Salvador adopted BTC as a legal tender becoming the first country to do so. Under the new law businesses are required to accept BTC for goods and services, though merchants who aren’t technologically able to accept bitcoin will be exempt. The government installed 200 bitcoin ATMs around El Salvador. It also bought 400 bitcoins worth about $20 million and is preloading Chivo wallets with $30 worth of bitcoin for citizens who register.
Nick Spanos, the co-founder of Zap Protocol, described the price dip on Tuesday as a false dip. He pointed out that big finance and the media said the adoption of Bitcoin in El Salvador is the reason why the cryptocurrency market experienced a dip. However, that is false as he is in El Salvador and reported that everything is going as planned.
Nick Spanos predicts that Bitcoin could top the $100k level by the end of the year while Ether could also reach $10,000 by then.