There have been many price predictions on Bitcoin, and many have suggested that the $100,000 milestone might be reached by the end of this year. While the recent dip on Tuesday created panic in the cryptocurrency market, some experts suggest that this decrease might be a “false dip.”
The cryptocurrency research unit of Standard Chartered, one of the biggest financial services companies in the world, predicts that BTC might hit $100,000 by the end of this year or at the beginning of 2022.
Furthermore, they suggest that this growth of BTC could see ETH soar in price as well. They value ETH in the range of $26,000-$35,000. This range could as well be achieved if BTC reaches $175,000 in the future.
Nick Spanos, the co-founder of Zap Protocol and a well-respected figure in crypto communities, suggested that the recent price dip was merely a false dip. Related to the dip is the decision of El Salvador to purchase 200 BTC.
Related: First Country in the World to Purchase BTC: President Bukele Confirms El Salvador 200 BTC Purchase
El Salvador made Bitcoin a legal tender, and it made the headlines as the first country to do so. Critics looked at the recent dip as one of the reasons why such a decision should not have been made. However, Spanos disagrees and believes that this further promotes innovation in El Salvador.
Buying the dip 😉
150 new coins added.#BitcoinDay #BTC🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 7, 2021
Relax Peter, as we enjoy the ride again little down then way up and again and again.
— Nick Spanos “this is a monetary revolution” (@nickspanos) September 7, 2021
Also read: Kremlin: Russia Holding off on Accepting BTC as Legal Tender