According to BitMine Immersion Technologies’ Executive Chairman, Tom Lee, Ethereum (ETH) is slated to follow Bitcoin’s (BTC) supercycle, which helped the latter give 100x returns to its holders.
Ethereum is following Bitcoin’s trajectory
In an elaborate X post published on November 16, Tom Lee stated that he believes ETH is following BTC’s legendary price run, which led to the top cryptocurrency increasing by 100 times in value over a few years.
Lee, who also heads financial research firm Fundstrat, noted that the firm’s clients were recommended to buy Bitcoin back in 2017. At the time, the firm had advised its clients to allocate about 1% to 2% of their portfolio to the top digital asset.
Notably, the Bitcoin price back in 2017 hovered around $1,000. Since then, BTC has seen a total of nine declines, six of them resulting in more than 50% price correction, while the other three saw over 75% price pullback.
In late 2024, when BTC hit $100,000 for the first time ever, it had surged by 100 times from the time Fundstrat had first recommended the digital asset. Lee emphasized that the journey was not easy, as it was marked by several moments when BTC holders had to “stomach existential moments to HODL.”
Lee added that the current prices of digital assets are still discounting a massive future. As a result, such doubts create uncertainty, which gives cryptocurrencies their volatile nature.
However, Lee predicted that ETH is currently likely following BTC’s price momentum. A 100x increase in ETH’s price today within the same time period, could lead to $300,000 ETH by 2034.
Some analysts are not as optimistic
While Lee sounds bullish on ETH’s future, predicting a 100x increase over the coming years, some crypto analysts are not as optimistic. In another X post, crypto market commentator Ted highlighted how ETH recently tested the $3,000 support level, and is now showing signs of a rebound.
ETH needs to climb back above $3,500. If it can’t, then there’s a real chance it could slip under $3,000 support level.
That said, upcoming advancements for Ethereum could change its fortunes. As previously reported, the Ethereum Fusaka upgrade is set to go-live on December 3, which could trigger a new bullish wave for the digital asset.
