View: Ethereum price could reach $20 000

Former Goldman Sachs executive and macro investor Raoul Pal, on the Bankless podcast, forecast Ethereum’s price to reach $20 000.

“All I did was compare the charts. They line up perfectly and predict Ethereum at $20 000. Not a particularly complex analysis, but, in my view, it looks quite plausible,” Pal said.

He said the forecast is based on comparing current charts with those from 2017.

Pal added that only about 13% of all ETH are currently circulating in the market. The rest are either held in long-term investor wallets or locked for staking, the macro investor noted.

He is confident that demand for Ethereum will be driven by the development of decentralized finance and non-fungible tokens (NFTs).

Earlier, the second-largest cryptocurrency surpassed the $4000 level, and digital gold rose back above $50 000.

Back in April, Pal noted the deepest Bitcoin correction since the “Black Thursday” crash and called it “an opportunity, not a threat”.

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