- Tom Lee and Bitmine will stop buying ETH soon.
- Is this the trigger for an Ethereum price explosion?
- New ATH targets show potential for ETH to surge to $14,000 and even $50,000.
The crypto market seems to be at a turning point as experts and analysts watch the market for signs of a surge or a greater dip. With BTC and ETH holding steady after a 2-day deep price correction, most holders wait with high anticipation. One expert goes on to highlight an important play in the market, that is the fact that Tom Lee and Bitmine will stop buying ETH soon. Is this the trigger for an ETH price explosion?
Tom Lee and Bitmine Will Stop Buying ETH Soon
Based on CoinMarketCap analytics, the price of BTC is currently trading in the green at the $82,700 price range, while the price of ETH too is back in the green, trading just below $2,500. Since both assets are showing signs of recovery, analysts expect the correction phase to have concluded and are hoping to see both pioneer assets surge over the coming days, especially since many indicators suggest a pump.
For Bitcoin, the pioneer crypto asset was expected to hit $88,000 and dip to $79,000 before heading to the $90,000 price range. These targets have practically been hit since BTC went up to $87,000 and then dipped to $80,300. Meanwhile, for Ethereum the asset was expected to surge past $2,700 and reclaim $3,000, then $3,500. Instead, the pioneer crypto asset is now trading at nearly $2,500.
Is This the Trigger for an ETH Price Explosion?
Of course, this dip was taken advantage of by the biggest ETH-accumulating entity, Bitmine, led by Tom Lee. According to Lee, ETH has the capability to run up to an impressive ATH this altseason. In fact, Lee was preaching last year for the price of ETH to hit new ATHs in the $8,000 to $12,000 price range. Instead, the crypto market experienced a brutal drop, marking the greatest single-day liquidation event in history.
Not discouraged, Lee continued to lead Bitmine to accumulate ETH, with a goal of holding about 5% of the total ETH supply. As of now, Bitmine Immersion Technologies holds 6,016,414 ETH (approximately 6.02 million tokens), which accounts for about 4.9% of the total circulating supply of Ethereum. The analyst in the post above believes they will stop accumulating soon and went on to buy the dip as well.
Could the fact that Bitmine is finally holding 5% of the total ETH supply be the trigger for ETH to enter a parabolic pump? The post above highlights how ETH has the potential to surge as high as $50,000 and how a macro roadmap is forming. With ETH trading inside a long-term ascending channel, the macro Elliott Wave structure points toward a potential fifth-wave expansion could push it to several new ATH targets from $5,000 to $14,000, and even $50,000.
