BitMine President Tom Lee and BitMEX co-founder Arthur Hayes are firmly sticking to their prediction that Ethereum will hit $10,000 this year, despite the recent cryptocurrency collapse, with less than three months left on the clock.
“For Ethereum, it’s somewhere in between [$10,000] And $12,000,” Lee said He said On the Bankless podcast on Tuesday, when he was asked about his predictions for the price of the cryptocurrency by the end of this year.
Hayes, who also appeared on the same podcast episode, said he would “stay consistent” with his $10,000 prediction by the end of the year.
with ether (Ethereum) is trading at $4,129 at press time, an increase to $10,000 would represent a roughly 142% gain, a target that both Hayes and Lee believe is within reach, even as a conservative estimate, for the rest of the year.
Lee says Ethereum has been “anchored” since 2021
Lee stressed that a big rally like this wouldn’t indicate excessive froth in the market either, as Ethereum has largely been consolidating within a range since hitting an all-time high of $4,878 in 2021. “Ethereum has been basically consolidating for four years now, and it’s just come out of the range, so for me, it wouldn’t be a strike from the top, but basically seeking price discovery at a new level,” Lee said.
Ether briefly regained its 2021 highs in August of this year, before retreating and has not returned to the level since.
“I think there will be a lot of fundamental things that will happen next year,” Lee said, adding: “I don’t think it’s the pinnacle, but I’m sure it’s a big level, it may be a big level but it’s a happy level.”
Both Hayes and Lee have predicted a significant rise in the price of Ethereum since the beginning of this year.
Historical data tells a different story: $5,000 is on the cards
Their predictions came in the wake of Friday’s market collapse, which saw More than $19 billion in liquidations Through the cryptocurrency market and a widespread decline in cryptocurrency prices.
Ethereum, which was trading near $4,350 before the crash, was now at $4,129 at press time.
Related to: ETH fell by 6.7% after the cryptocurrency’s “Black Friday,” showing greater resilience than altcoins
However, historical data suggests that Ethereum’s end-of-year target may be around half the level that Hayes and Lee expected.
October 1st marked the start of Q4, a period that has historically delivered average returns of 21.36% for Ethereum since 2016. According to To Queenglass.
A similar gain from its current price would bring the asset closer to the $5,000 level by the end of this year. This is closer to the more conservative forecast of other analysts, such as Tesseract CEO James Harris, who expects this. To reach about $6,500.
Other analysts are thinking that Ethereum could reach all-time highs soon. MN Capital founder Michael Sunday, Van de Poppe said The decline saw the ETH/BTC pair fall to 0.032, which was an “ideal buy zone.”
From D-Pop books In a post on Tuesday
magazine: Review: The Devil Takes Bitcoin, A Wild History of Mount Jokes and the Silk Road
