BitMine Chairman Tom Lee and BitMEX co-founder Arthur Hayes are maintaining their predictions that Ether will hit $10,000 this year, despite the recent cryptocurrency market crash, with less than three months left.
“In the case of Ethereum, something in between [$10,000] and $12,000,” Lee he said on the Bankless podcast on Tuesday, when asked where he thought the cryptocurrency’s price would be by the end of this year.
Hayes, who also appeared on the same podcast episode, said he “intends to stay consistent” with his $10,000 forecast by the end of the year.
With Ether (ETH) trading at $4,129 at press time, a rise to $10,000 would represent an boost of about 142%, which is a target that both Hayes and Lee say is within reach, even by conservative estimates, for the rest of the year.
Ethereum is “basing” from 2021, says Lee
Lee emphasized that such a significant boost would also not represent excessive market froth as Ether has largely been consolidating within a range since hitting an all-time high of $4,878 in 2021. “Ethereum has basically been holding back for four years now, it just broke out of a range, so for me it wouldn’t be a bump to the upside, but rather looking for basically price discovery at a new level,” Lee said.
Ether only briefly regained its 2021 highs in August of this year before recovering and not returning to that level since.
“I think a lot of fundamental things will happen next year,” Lee said, adding: “I don’t think it’s the highest level, but I’m sure it’s a high level, it may be a big level, but a satisfying level.”
Both Hayes and Lee forecast a significant boost in the price of Ether from the beginning of this year.
Historical data says otherwise: $5,000 on the cards
Their predictions stemmed from Friday’s market crash, which resulted in more than $19 billion in cryptocurrency market-wide liquidations and a broad decline in cryptocurrency prices.
Ether, which was trading near $4,350 before the crash, is currently trading at $4,129 at press time.
Related: ETH fell 6.7% after crypto “Black Friday”, showing greater resilience than alt
However, historical data suggests that Ether’s year-end target could be around half of the level forecast by Hayes and Lee.
October 1 marked the beginning of the fourth quarter – a period that has historically delivered an average return of 21.36% for Ether since 2016, According to to CoinGlass.
A similar gain on the current price would bring the asset closer to $5,000 by the end of this year. This is closer to the more conservative forecasts of other analysts such as Tesseract CEO James Harris, who expects it to be around $6,500.
Other analysts are considering the possibility that Ether will soon reach novel all-time highs. MN Capital founder Michael van de Poppe said Sunday’s decline pushed the ETH/BTC pair to 0.032, which is an “ideal buying zone.”
From de Poppe he wrote in Tuesday’s post on X: “Needs a higher low and then we will hit new highs.”
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