Bitcoin is trading close to the $50k region, but analysts at Standard Chartered believe that its price could double in the coming months.
Bitcoin To Reach $100k In A Few Months
Bitcoin is currently struggling below the $50k level, but 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 Bitcoin’s move to $100,000 could also trigger further price surges in Ether.
At the moment, Ether is trading above the $3,500 level. However, the researchers stated that the second-largest cryptocurrency by market cap would reach the $35,000 level in the medium term. This means that Ether is set to move by more than ten times its current trading price.
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.
Spanos predicts that Bitcoin could top the $100k level by the end of the year while Ether could also reach $10,000 by then.
Bitcoin And Ether Slightly Recover
The prices of Bitcoin and Ether have slightly recovered following the dip experienced earlier this week. Bitcoin dropped below the $45k level, but it is now up by less than 2% and is trading just above $46k per coin.
Ether is also one of the best performers so far in the market. ETH is already up by more than 4% in the last 24 hours and is trading above the $3,500 level.
This article was originally posted on FX Empire