Industry experts believe the slump in the crypto market was a “false drop” on Tuesday. They reaffirmed that Bitcoin (BTC) should rise to $ 100,000 by the end of the year.
A new report from Standard Chartered’s cryptocurrency research division predicts that Bitcoin will climb to $ 100,000 “in late 2021 or early 2022”. Ether (ETH) will also increase enormously in the process.
The research team said ether was “structurally” between $ 26,000 and $ 35,000. That is ten times the current rate and for that to happen, Bitcoin would have to rise to 175,000 US dollars.
Nick Spanos, one of the earliest BTC exchange operators and co-founder of Zap Protocol, called the crypto market slump on Tuesday a so-called false drop. “Big finance and the media are saying the rollout in El Salvador was bumpy. I’m in El Salvador right now and it looks spectacular,” he said, adding:
“So we have a president here who, like a top CEO, is breaking new ground and innovating. He believes: He has bought the decline, as everyone should do.”
Spanos believes the Bitcoin price will soar to $ 100,000 by the end of the year, adding that Ether will also soar to $ 10,000 by then.
In this context: Flash crash to $ 42,900 in Bitcoin: El Salvador buys decline
Spanos said, “essentially there is a distress sale as a result of the break-in. That is almost certainly a great move.”
At press time, Bitcoin was roughly $ 46,400. As Cointelegraph reported, Bitcoin approached $ 53,000 on Tuesday when El Salvador introduced it as legal tender. Then there was a sharp drop to $ 43,000.