Bitwise Analyst Makes Impressive Price Prediction for Ethereum
Ethereum (ETH) has been overshadowed by Bitcoin in recent months. However, according to Juan Leon, a cryptocurrency research analyst at asset management company Bitwise, this could change significantly by 2024.
Despite Bitcoin reaching all-time highs, Leon believes that ETH could double in price this year.
Leon said in a recent interview: “Ethereum could reach over $8,000, even $10,000 this year, or maybe even higher.”
Leon noted that while Bitcoin has garnered attention with the launch of Bitcoin ETFs, there are at least two important catalysts that will make ETH the center of attention.
According to the analyst, one of these catalysts is the upcoming DenCun update, which is expected to make transactions cheaper on layer 2 networks.
This could significantly increase activity on the Ethereum network and potentially attract mainstream consumer demand.
Leon added: “Most of the positive sentiment will come in weekly and monthly after the effects of the update become apparent.”
According to Bitwise’s analyst, the approval prospects for Ethereum ETFs are not as clear as they were for Bitcoin ETFs earlier this year.
However, the potential for approval is expected to generate excitement for ETH. Leon estimates the approval chances to be 50%-60%.
