Popular crypto analyst degentrading (@degentradingLSD) has made a bold prediction that Ethereum will reach $6,000 by September 2024.
Crypto analyst Degentrading has predicted that ETH will reach $6,000 by September 2024. This bold prediction comes in response to Mechanism Capital founder Andrew Kang's analysis, which suggests that Ethereum will underperform despite the imminent launch of US spot Ethereum ETFs.
According to Degentrading, the change in CME open interest (OI) from pre-ETF days to the present indicates a substantial increase of approximately $5 billion. He suggests that this could be the upper bound of cash and carry trades prior to the ETF launch.
However, he notes that the challenges posed by the extinction of prime brokers like Genesis could limit the overall cash and carry trades to a minority, estimating a maximum of $1-2 billion. This would leave an estimated $7 billion in potential inflows, which is highly dependent on assumptions.
Degentrading also highlights the contrasting sentiments in traditional finance (TradFi) compared to Crypto Twitter (CT). While CT is largely pessimistic about Ethereum's performance, TradFi professionals show more enthusiasm for ETH and even SOL compared to BTC.
He argues that this enthusiasm, combined with Ethereum's relative illiquidity, could lead to significant price movements with relatively smaller capital inflows. This could be a key factor in his prediction of ETH reaching $6,000 by September 2024.
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