The Potential of Ethereum: Will it Reach $10,000 After Bitcoin Halving 2024?
The anticipation for the Bitcoin Halving 2024 event is at an all-time high, with the focus shifting towards Bitcoin as the hottest cryptocurrency in the market. However, amidst all the buzz surrounding Bitcoin, Ethereum, the second most popular cryptocurrency, is quietly gaining traction and is poised to emerge as a major player in the future.
As the halving date approaches, discussions within the crypto community are intensifying about Ethereum’s potential to surpass the $10,000 mark post the event. Many predictions suggest that Ethereum’s price could skyrocket in the upcoming crypto cycle.
While these predictions lack concrete data or evidence to support the exact trajectory of Ethereum’s price, unlike the forecast for Bitcoin reaching $150,000 post the 2024 halving, there are several factors that could propel Ethereum above $10,000.
One major factor supporting Ethereum’s rise is its correlation with Bitcoin’s price. Historically, Ethereum’s price closely follows the gains in Bitcoin’s price due to Bitcoin’s dominance in the cryptocurrency space. The shared ecosystem and the buying and selling of both assets using one another contribute to this correlation. However, recent data shows that Ethereum has broken this correlation and has lagged behind Bitcoin in terms of price gains.
Another factor that could send Ethereum above $10,000 is the pump followed by Bitcoin’s breakout. As Bitcoin’s price surges, Ethereum is likely to follow suit and reach new highs. Liquidity rotation at the cycle peak could also lead to a flow of profits from Bitcoin into Ethereum, pushing its price beyond $10,000.
Additionally, the potential approval of an Ethereum ETF could further boost Ethereum’s price. While there are doubts surrounding the approval of an Ethereum ETF, analysts believe that there is a significant chance for it to be approved, bringing in billions of inflow from traditional investors.
In conclusion, as the Bitcoin halving event approaches, Ethereum stands to benefit from the overall positive sentiment in the cryptocurrency market. While the $10,000 target for Ethereum’s price post the event remains speculative, there are strong indicators that Ethereum could outperform Bitcoin in periodic price gains in the upcoming rally in 2024.
