“All I did was compare the charts. They match perfectly and predict an Ethereum price of $ 20,000. Not too complicated an analysis, but looks quite plausible to me, “ said Pal.
According to him, the forecast is based on a comparison of the current charts with the indicators of 2017.
Pal added that only 13% of all ETH is currently in circulation on the market. The rest of the coins are either stored in the wallets of long-term investors, or are blocked for staking , the macroinvestor noted.
He is confident that the growth of demand for Ethereum will be facilitated by the development of decentralized finance ( DeFi ) and non- fungible tokens ( NFT ).
This week, the price of the second largest cryptocurrency by capitalization broke the level of $ 4,000, and digital gold returned to levels above $ 50,000.
Recall that last year, Raul Pal said that in the next 5 years, a wave of institutional funds will push the price of bitcoin to $ 1,000,000, and at the end of April Pal noted the deepest bitcoin correction since Black Thursday and called it “an opportunity, not a threat. “ .