Bitcoin Hits Record Highs
Bitcoin (BTC) has long surpassed its previous ATH of 2021 and is breaking record after record. While BTC is at the center of the market with its performance, Ethereum (ETH) fell behind not only Bitcoin but also other altcoins with its weak performance.
While Ethereum still hasn’t surpassed its previous ATH of 2021, it has seen a massive rally in recent months. This rise strengthens expectations of ETH reaching a new ATH soon, with one analyst announcing a major bullish forecast for ETH.
Pseudonymous cryptocurrency analyst Yashasedu said that based on past bull market trends, Ethereum could surge above $8,500 if Bitcoin reaches $150,000. Citing historical data, the analyst said that these price levels are possible for ETH. On this point, the analyst noted that in past bull cycles, Ethereum typically reached 30-35% of Bitcoin’s market capitalization. This figure reached around 35% in 2017 and almost 36% in 2021.
“For example, during the 2021 bull run, ETH reached $4,878, reaching 36% of Bitcoin’s market capitalization.” If history repeats itself once again and Bitcoin reaches $150,000 (a 25% increase from its current price of $119,335), Ethereum could surpass $8,500 at a 35% rate.
The analyst also added that if Bitcoin reaches $150,000, the price could trade between $5,376 and $7,420 if ETH reaches 21.70 to 30 percent of Bitcoin’s market capitalization. According to the analyst’s chart, Ethereum could reach $7,790 if Bitcoin reaches $135,000. However, if Bitcoin reaches $135,000, ETH could trade between $4,834 and $6,678 if Bitcoin reaches between 21.70% and 30% of its market capitalization, the analyst noted.
Another possibility is that if Bitcoin reaches $125,000, the price of ETH could reach $7,200, with a 35% chance of success. He also noted that if the price of ETH falls to $21.70% and reaches $30%, it could trade between $4,479 and $6,183.
Finally, if Bitcoin remains at its current price level and ETH reaches 35% of the Bitcoin market capitalization, the ETH price could reach $6,800.
*This is not investment advice.