A popular cryptocurrency analyst has outlined a roadmap for Ethereum ($ETH) to reach the $10,000 mark over the next few years, noting we are currently in a sideways market – known as a crab market – that will likely end on BTC’s next halving.
The pseudonymous cryptocurrency trader known as Kaleo shared his thoughts on Ethereum’s roadmap to $10,000 – which would be a new all-time high for the cryptocurrency – with his over 520,000 followers on Twitter, noting he expects ETH to keep on ranging lower in the near future, potentially dropping to $800.
Kaleo warned his followers to expect volatility until the next BTC halving, after which the price of Ethereum could surge to enter a new price discovery period in late 2024 or early 2025.
Ethereum is currently trading at $1,080 after moving up ‘.7% in the last 24-hour period. The cryptocurrency hit a low near the $900 mark earlier this year and has since covered to trade at $1,200 before enduring a correction.
The Ethereum network has recently moved one step closer to The Merge, where the network will transition from a Proof-of-Work consensus mechanism into a Proof-of-Stake (PoS) consensus mechanism after its Sepolia testnet successfully activated PoS.
Sepolia is the second of three testnets to merge their Proof-of-Work execution layers with their PoS consensus layer before the upgrade is made on Ethereum’s mainnet. The Ropsten testnet successfully merged on June 8, and the next and final testnet dong so is Goerli.
Ethereum’s move to PoS is expected to both improve the decentralization of its nodes and reduce the network’s energy consumption by more than 99%. The Gorli testnet merge is expected to occur within three to four weeks to set the stage for a mainnet merge in September.
As CryptoGlobe reported, Kaleo’s Bitcoin ($BTC) roadmap saw the cryptocurrency explode by over 400% to trade at $110,000, based on the cryptocurrency’s performance and its next halving event
By the end of the year, he sees the cryptocurrency price beak above its resistance to enter a “few months of rapid, overhyped growth in early 2023” that do not lead to a new all-time high, but instead could see BTC rise to around $50,000. This movement, the trader noted, “should have an associated mini alt season..”
The following 18 months leading up to the March 2024 Bitcoin halving event, should be defined by a sideways market that will end as new altcoin narratives start appearing and the non-fungible token market starts to pick up steam.
By late 2024 or early 2025, the pseudonymous cryptocurrency strategist said, BTC will hit a new all-time high and reach six figures.
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