In the ever-evolving world of cryptocurrencies, one project has caught the attention of a widely followed analyst – Ethereum (ETH). According to the pseudonymous crypto expert Credible, Ethereum is primed for a colossal surge, potentially reaching as high as $20,000 by the end of the current market cycle.
Ethereum’s Bullish Trajectory
Credible, with a significant following of 396,700 on the social media platform X, has painted a highly optimistic picture for Ethereum’s future. The analyst believes that the second-largest cryptocurrency by market capitalization could skyrocket to a five-figure price point, with a minimum target of $10,000 and a more ambitious goal of $20,000.
“ETH to $10,000 minimum by end of cycle. Realistically, significantly higher than that. I like $20,000 because it matches Bitcoin’s 2017 top and it’s a nice, round number to target after $10,000 is breached.”
To achieve these lofty price levels, Ethereum would need to appreciate by a staggering 185% to 470% from its current trading price of $3,510.
$ETH to 10k minimum by end of cycle.
Realistically, significantly higher than that.
I like 20k because it matches $BTC's 2017 top and it's a nice, round number to target after 10k is breached. https://t.co/l8mqkS0mKg
— CrediBULL Crypto (@CredibleCrypto) June 13, 2024
Ethereum’s Correlation with Bitcoin
Credible’s bullish thesis on Ethereum is primarily based on the cryptocurrency’s strong correlation with the performance of Bitcoin (BTC). The analyst suggests that Ethereum, being a “higher beta version of Bitcoin,” should outperform the leading digital asset by a considerable margin.
“Just to keep it simple ETH is a higher beta version of Bitcoin, if I think Bitcoin can 2x from here realistically, then ETH should do at minimum, more than that. Even just a 3x would put us at $10,000.”
Patience is Key
However, Credible cautions that Ethereum may experience a period of consolidation and range-bound trading before embarking on its anticipated “mega-pump” to the upside. The analyst advises investors to be patient and wait for the right moment when Ethereum is “really ready for that next mega-pump.”
By closely monitoring the movements of Bitcoin and exercising patience, Credible believes that Ethereum investors will be rewarded with the potential to witness the cryptocurrency reach dizzying new heights in the near future.
