BitMEX founder Arthur Hayes discussed a prediction that Ethereum could reach between $10,000 and $20,000 within the current bull cycle. This statement has attracted attention to macroeconomic factors and current market trends.
Arthur Hayes' Prediction
Arthur Hayes, founder of BitMEX, stated on the Crypto Banter podcast that he expects Ethereum's price to reach between $10,000 and $20,000 by the end of the current bullish cycle. He believes this cycle could peak under a return to aggressive monetary policy in the U.S.
Technical Analysis and Market Dynamics
After hitting a record of $4,880, Hayes notes that Ethereum is showing new technical signals for growth. He argues that crossing this level has created new price opportunities, improving investor sentiment and allowing for potential further growth.
Institutional Support and Ethereum ETFs
Hayes also highlights significant accumulation of Ethereum by institutional investors, including BitMine Immersion Technologies and SharpLink Gaming, which reportedly hold over $10 billion in ETH. Additionally, Ethereum ETFs recorded unprecedented inflows in July, controlling more than 5% of the total supply of ETH, underscoring the growing interest from traditional financial institutions.
In light of the increasing interest from institutional investors and positive market dynamics, Arthur Hayes' prediction of a $20,000 Ethereum price becomes more plausible. However, risks related to market volatility and political factors remain.
