In the coming months Ethereum (ETH) could see a 480% increase, with its price reaching US$20,000. The forecast is Raoul Pal, a macroeconomist and analyst of the cryptocurrency market.
He did the analysis during the Bankless program on Youtube. The former Goldman Sachs executive explained:
“My ETH price forecast was north of $20,000, and that’s very simple. All I did was map the ETH graph to the Bitcoin 2017 graph. They work perfectly and that gives you $20,000. There’s not much science in it, but it feels right.”
According to Investing, at the beginning of August, Pal called Ethereum “the biggest deal”. He believes that changes in the fundamentals of the ETH network can turn into gains for the cryptoactive.
“Basically, there is 13% of all Ethereum’s free float available. Everything else is being frozen, locked and hoarded. They just made it difficult to supply. The offer is smaller. ”
About Bitcoin (BTC), the main cryptocurrency in market value, he was optimistic:
“I also mapped the price of Bitcoin versus Bitcoin 2013. They are very similar. There are a bunch of other ways to do this with Bitcoin with log graphs, regression analysis, stuff like that. Overall, I think it’s between $250,000 and $400,000, with an outside chance of a million [de dólares] if we get an extended cycle”.
Those who believe that Bitcoin will continue to rise may be right, in the analyst’s view. He remembers every weekend, the cryptocurrency goes up in value.
“Don’t forget, it usually goes up 5 to 10 times in the last three months of the year. We haven’t reached the highest point yet, but let’s say Bitcoin goes up 5 times over $60,000. That’s $350,000. That would be a pretty normal high for the end of the year, considering we’re about to have an ETF.”
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