The institutional’s rapidly growing interest in the Ethereum can trigger a supply of shock and position Ether to surpass Bitcoin over the next six months, says Galaxy Digital CEO Michael Novogratz.
“There is no amount of ETH supply, and I think ETH probably has the opportunity to surpass Bitcoin in the next three to six months,” Novogratz said CNBC on Thursday.
Ether is “reserved until at least knocking” at $ 4,000
“If the ETH takes $ 4,000, it goes to discover the price,” he said, referring to a level that represents approximately 8.5% jump from Ether (Eth) Current price of $ 3,618, According to Kay Nansen.
“We feel the kind of scheduled to knock on $ 4,000 ceilings several times,” he said.
Novogratz also mentioned Ether’s “really powerful.” He said the two major companies – the Sharpink Gaming and Bitmine Immersion Technologies – recently bought a huge amount of ETH.
On Thursday, the Bitmine reported The handling of 566,776 ETH (approximately $ 2.03 billion), while Sharpink holders were 360,807 ETH (approximately $ 1.29 billion).
Meanwhile, another firm, ether machine, Plan to list in Nasdaq Under the ticker symbol “ETHM,” with over 400,000 ETHs worth more than $ 1.5 billion under the launch management.
Novogratz does not see the slowdown of the purchase.
“They raise the capital day -day and buy ether,” he said. Another analyst, Bitmex co-founder Arthur Hayes, on Tuesday was predicted That ether can hit $ 10,000 By the end of the year.
In the charts, Ether shows signs of outperformance against Bitcoin. Kamag -child asset strength against Bitcoin (Btc) has fallen, up to 36.53% in the past 30 days, According to In the ratio of the ETH/BTC of TradingView.
However, Novogratz still sees more reversal for Bitcoin in the near term.
Novogratz says Bitcoin is “reserved to higher”
Novogratz said the price of Bitcoin’s $ 150,000 “seems to be just a decent target when I draw funny lines on my charts.”
“It is as if we are reserved to go higher, as long as this narrative continues,” he added.
Related: Ethereum analysts see ‘further upside down’ as ETH prices reclaim $ 3.6k
Meanwhile, Bitfinex analysts Says In a market report on Wednesday that if the Bitcoin continues to continue, the next major target is $ 136,000, even if it can signal a local top.
“This level historically represents excessive bullish conditions and often coincides with the sentiment of the euphoric market and the peak positioning,” the analysts said.
However, Novogratz warned that if US president Donald Trump would “change his mind” and decide that the country would not “need lower rates,” which could change his views.
“It will change my thesis, but until that happens, I think we will go to 150,” he said.
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