While impossible, this analyst still predicts that ETH will rise nearly 200% by the end of the year
The cryptocurrency industry got into turmoil on December 4th when the market suffered a flash crash that caused the prices of many tokens to fall. While most have since bounced back, ETH is the one that stands out much faster, even overtaking Bitcoin.
ETH price 4-hour chart | Source: Tradingview
However, with the altcoin still stuck under $ 5,000, the goal of reaching $ 10,000 by the end of the year seems far-fetched. Still, former Goldman Sachs manager Raoul Pal remains optimistic. In one interview Recently, this self-proclaimed crypto max investor noted:
“I use best-case probabilities. Nothing is safe. I still think ETH will close closer to $ 15,000 this year than $ 10,000 … Based only on the nature of what’s really going on, the chart patterns and the attendance. ”
ETH worth $ 40,000 next summer?
In fact, the investor has come up with an even more bullish scenario for the long-term development of ETH:
“There is also a chance (albeit a slim one) that ETH will hit $ 40,000 in the summer. That’s because of the staking cycle and based on the charts. This is not my base case. My base case is that ETH will reach US $ 20,000 by March at the latest. ”
While many continue to offer a remarkably positive outlook for this altcoin, its dominance rate is increasingly being questioned by new-generation competitors. These new age blockchains offer the same functions as ETH 2.0. Solana, Terra, Avalanche and Cardano are among the most famous examples. All of them developed the DeFi ecosystem very quickly.
Pal seems to agree:
“I think Solana will outperform Ethereum this cycle, and so will Terra.”
The former CEO has long been a staunch supporter of ETH. He allocates a significant part of his crypto portfolio to the largest altcoin. Regarding ETH’s preference, regardless of belief in other competitors, Pal argued:
“I’m less sure because the network effect is less pronounced. So I have to bet smaller, but I think ETH will not stop increasing. ”
Even if Raoul’s bullish prediction looks unrealistic at the moment, it should be considered. Especially since the ETH price reached a new high against Bitcoin this week for the first time since 2018.
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