In a new report released by Standard Chartered, the team of industry experts perceives the collapse of the cryptocurrency market on Tuesday as a “false discount“, reiterating Bitcoin (BTC) prediction at $ 100,000”by the end of the year or early 2022“, accompanied by a sharp rise in Ether (ETH).
The research team states that Ether is “structurally“valued between $ 26,000 and $ 35,000 – 10 times its current price – but BTC will have to reach a price of $ 175,000 for that to happen.
Nick Spanos, one of the first BTC exchanges and co-founder of Zap Protocol, also defines the recent market downturn as a false decline. “Big finance and the media claim that an irregular launch took place in El Salvador. I am in El Salvador right now and the situation is exciting“, he said, adding:
“We have a president who is open to new horizons, like a high-level CEO who pushes innovation. He believes in it: he bought the discount, as everyone should do ”.
Spanos supports the idea of Bitcoin (BTC) at $ 100,000 by the end of the year, adding that Ether will also try to hit $ 10,000 by then.
Related: El Salvador took advantage of Bitcoin’s dip to buy, the president confirms on Twitter
Spanos concluded by stating that “after the dip the prices are substantially discounted, it will almost certainly prove to be a big move“.
At the time of writing, Bitcoin’s price is hovering around $ 46,300. On Tuesday, the day El Salvador adopted BTC as legal tender, Bitcoin was hovering towards $ 53,000, before plunging it back to $ 43,000.