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Can Bitcoin Reach $100k and Ethereum $20k? Here’s What the Analysts are Saying

Bitcoin is currently the most popular cryptocurrency with the highest market capitalization. Ethereum, the second to bitcoin, has the second-largest market cap and is the second most popular crypto asset.

Bitcoin launched in 2009, and Ethereum came much later in 2015. The most exciting thing about the assets is the excellence of their services, with bitcoin being a medium of exchange and Ethereum as a center for decentralized applications.

For the past years, the two assets have been the choice of many investors, creating a vast array of opportunities.

Bitcoin

Over the past decade, bitcoin has grown vastly in value. The increases of bitcoin’s value have always been timely and triggered by several external and internal factors.

One of the major factors triggering the growth of bitcoin is the quadrennial halving that helps bolster the demand of the coin by reducing their supply. That was the case recently, when in May 2020, bitcoin did halving, leading to an excellent performance of bitcoin in the markets.

Ethereum

Since its launch, Ethereum has also proven to be a worthy competitor for bitcoin. This coin has also made immense price surges that have greatly benefited the average crypto investor.

Ethereum prices charts always follow the price and market charts of bitcoin. Therefore, whenever the bitcoin prices start surging, Ethereum prices also surge.

Ethereum and Bitcoin Price Action in a Nutshell

In early 2011, bitcoin had a price of $1. A decade later, bitcoin’s value is $64k. Analysts began making predictions that this coin could rise in value to $100k by 2021 or some time afterward.

Ethereum price was around $2 in August 2015 but has increased vastly. Recently, ETH hit its ATH of over $4k.

However, the coin’s lost their values later, with bitcoin dropping to around $30 and Ethereum dropping below $1.8k. Although the coin’s value declined, analysts still believe that bitcoin could hit $100k, and Ethereum could surge to over $20k. Why?

Gaining More User Trust

Bitcoin and Ethereum are increasingly gaining trust from users. Many investors globally are considering the use of bitcoin and Ethereum in their daily business. In addition, there are thousands of bitcoin and Ethereum ATMs globally, meaning many people trust the duo as investment options.

Even more, when bitcoin and ethereum were in their early lives, the coins were considered scam coins. However, recently, both coins have worked in their systems and have become hack-resistant and safe for the users.

Ethereum recently introduced a new upgrade, Ethereum 2.0, which solves most of the Ethereum network problems. Although still at its pre-stages, the development of this network is one of the factors driving the prices of Ethereum to surge since users trust the network more. This trust makes expert analysts predict that bitcoin will be hitting excellent values soon.

Increasing Social Media Pressure

Today, unlike any other time in the history of bitcoin, there is much social media pressure behind the coin and crypto in general. Recently, Elon Musk, the CEO of Tesla, caused a big stir in the crypto world that led to a price surge of BTC, ETH, and other coins.

Generally, Elon has been heard to be continuously involved in the affairs of the crypto world, investing in bitcoin, dogecoin, and much recently, Ethereum. The pressure that Elon is putting on bitcoin and crypto, in general, is the direct support needed for these coins to go viral.

So if this pressure continues, the adoption of the coins will surge faster than ever, and ultimately, bitcoin and Ethereum could hit the predictions. Moreover, the social media pressure and popularity make analysts believe that these coins will perform excellently in the future.

Increasing Institutional Support

The institutional support for bitcoin has also been increasing vastly in the recent past. Generally, several institutions have come up over the years and rallied in support of bitcoin. One of the most recent cases of bitcoin institutional adoption is the case of Tesla.

In early 2021, Tesla announced that it would begin accepting bitcoin as a medium of exchange when purchasing Tesla. The company invested over $1.5 billion worth of bitcoin in a mission to show its support for the currency.

However, Tesla later dropped bitcoin, but everyone saw its impact on the coin and the crypto world.

According to recent reports by several media houses, it’s most likely that Tesla will start accepting bitcoin as a medium of exchange for their car. This information shows that companies are continuously accepting bitcoin, leading to bitcoin surging in prices shortly.

Other financial institutions like Visa, Paypal, and JP Morgan have also shown their support for bitcoin and ethereum. This continuous institutional adoption will continually drive the coin to success soon.

The Covid 19 Pandemic Impact

It’s no doubt that bitcoin has had much success because of the ongoing global pandemic. Generally, immediately after the pandemic, investors were looking for better ways to protect their assets. And since the financial world seemed like it was going into a dip, bitcoin was the best solution. Even top companies like Tesla, Microstrategy, and Square corp shifted their funds into BTC as a way of hedging against risk. 

The Boom in NFT and Decentralized Finance

The NFT and Decentralized finance boom has also been a factor contributing to the surging Ethereum prices. The number of Dapps in Ethereum is increasing, and more and more Defi platforms are coming up every month. NFT had also seen its best days in 2021 when its adoption grew fast, and artists and investors made millions.

Generally, this NFT and Defi boom will continue to drive the prices of Ethereum, which can positively impact Bitcoin. 

Final Word

So, why do analysts believe that Bitcoin will hit $100k, and Ethereum will hit $20k? We have looked at several reasons driving analysts to make such conclusions. Foremost, the crypto world is increasingly gaining trust, and as such more people are interested in the duo. In addition, the social media pressure behind the two coins is currently increasing, driving more popularity. 

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Finally, other factors like the covid impact, the Defi NFT boom, and institutional support lead BTC and ETH to success. Every crypto community member hopes that the predictions will prove accurate.

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