Prominent crypto analyst and trader Scott Melker made a bold prediction on the last day of 2023, stating that he expects Ethereum (ETH) to reach $12,000 by 2025. He emphasized that his forecast was specifically for Ethereum, the second-largest cryptocurrency by market value, rather than for Bitcoin (BTC). Melker’s forecast aligns with the expectations of popular crypto YouTuber Lark Davis, who also anticipates a significant rise in ETH’s price, hinting at a four-digit level without specifying a date.
Davis shares Melker’s optimism about Ethereum’s potential growth, expecting a noteworthy price increase by the end of 2023. He predicts that ETH could hit the $10,000 mark, contributing to the sentiment that the coming years could be bullish for the crypto market. Both analysts are looking forward to a significant uptrend in Ethereum’s value, indicating a strong belief in the cryptocurrency’s future performance.
In addition to his Ethereum forecast, Davis has outlined 10 reasons why he believes the crypto market will experience a major upswing in 2024. The first reason is the current parabolic growth of stock markets, which he suggests could lead to increased investments in cryptocurrencies. He also notes the potential approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), which could further boost market confidence.
Another factor Davis points to is the possibility of Coinbase winning a legal battle against the SEC. Such a victory could signify a weakening of the SEC’s stance against crypto firms, as the regulatory body has already faced legal setbacks against Grayscale and Ripple Labs. The SEC also voluntarily dropped personal lawsuits against Ripple executives Brad Garlinghouse and Chris Larsen.
Davis also highlights the upcoming fourth Bitcoin block reward halving in April, the rise of Web3-based gaming that will utilize cryptocurrencies, and the expectation that the Federal Reserve (Fed) will start lowering interest rates this year. These factors, according to Davis, could significantly contribute to the crypto market’s growth and investor interest in 2024.
Both Melker and Davis’s predictions reflect a broader sentiment of optimism in the crypto community, with Ethereum at the forefront of potential growth. Their forecasts for a four-digit Ethereum price point to a bullish outlook for the cryptocurrency market in the coming years, driven by a combination of market dynamics, regulatory developments, and technological advancements.