It has been just reported that the price of Ethereum is set to explode if the digital asset follows the history of Bitcoin. Check out the latest reports about this below.
ETH price is addressed
It has been reported that the price of Ethereum could see a massive explosion if the digital asset continues to follow the path of Bitcoin.
According to a well-known crypto analyst, being pessimistic about Ethereum (ETH) would be a challenging task at the moment.
Inmortal, the trader who prefers anonymity, shared with his 194,900 Twitter followers that Ethereum’s current price of $2,000 is equivalent to Bitcoin’s price of $6,000 in 2019. Furthermore, he pointed out that ETH has been establishing higher lows in the macro since the summer of 2022.
‘It’s hard to be bearish on ETH.
Look at this structure.
> 2k is like 6k level on BTC back in 2019.
> Macro higher lows since 2022 summer.”
As of now, Ethereum is being traded at $1,831. The cryptocurrency, which is ranked second by market capitalization, has experienced a decrease of approximately 2.75% within the last 24 hours. Additionally, Inmortal holds a positive outlook regarding the future of the overall crypto market in the upcoming year.
“My strategy is simple. I think prices will be much higher than now in a year’s time. So I buy and don’t pay much attention to the price.”
The analyst says it’s “just a matter of time” before BTC jumps up to $35,000.
Bitcoin is trading at $30,103 at time of writing. The top-ranked crypto asset by market cap is down around 1.5% in the past 24 hours.
Inmortal also shares his opinion on how to read crowd sentiment correctly.
“Price up and bearish post with high engagement = disbelief, people want lower prices, they are still sidelined.
Price up and bullish post with high engagement = greed, late investors will be underwater if the market drops 10%.”
Bitcoin new price prediction
According to a prominent cryptocurrency analyst, Bitcoin (BTC) is anticipated to reach six figures for the very first time in the near future. Kaleo, a well-known analyst on Twitter with over 592,400 followers, predicts that Bitcoin will surpass the $100,000 mark in either late 2024 or early 2025.
“When do you think Bitcoin breaks above $100,000?
My guess is early 2025.
Wouldn’t be shocked to see late 2024. The earlier it happens, the more fun we have in 2025.”
The prediction of Bitcoin reaching six figures is based on its next halving event, projected to occur in April 2024.
The trader is carefully monitoring Bitcoin’s price movement in relation to the Nasdaq 100 index (NDX). Kaleo believes that Bitcoin is surpassing a bearish downtrend compared to the NDX, which has previously indicated the beginning of a significant surge for the cryptocurrency.
