Cryptocurrency analyst Benjamin Cowen believes Ethereum’s bull cycle is just getting started.
Cowen tells his 522,000 YouTube subscribers that the current trajectory of the second-largest cryptocurrency looks similar to early 2016 and 2017, which ended up being periods of consolidation preceding large moves to the upside.
Ethereum’s market cap is approximately $417 billion at the time of writing, according to CoinGecko, and Cohen says he’s looking for it to rise above the $1 trillion mark.
“…During this market cycle I expect Ethereum to be able to get to the $10,000 mark, plus or minus a few [thousand]. Ideally, it’d be nice if we could overshoot the 10k mark, but we always have to be prepared for anything.”
According to Cowen, Ethereum may be entering a “new normal” that sees the crypto asset rising steadily.
“And what’s going on over here [around the $3,500 price], where we currently are, in my even perhaps naive interpretation is I feel like we’re getting accustomed to the new normal. My thoughts are that Ethereum is having to get accustomed to the new normal and it can take a while to get accustomed to the new normal.
You might look at this and say ‘well, Ben I mean it’s up from $1,700 to $3,400 is that not a 2X move?’ It is and that’s great and we want to see it and we need to spend time at these levels and prove to the market that this is the new normal before we can decisively move to a $5,000 ETH, the $6,000 ETH and higher.”
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