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Bitcoin ($BTC) has long surpassed its previous $ATH of 2021 and is breaking record after record.
While $BTC is at the center of the market with its performance, Ethereum ($ETH) fell behind not only Bitcoin but also other altcoins with its weak performance.
While Ethereum still hasn't surpassed its previous $ATH of 2021, it has seen a massive rally in recent months.
This rise strengthens expectations of $ETH reaching a new $ATH soon, with one analyst announcing a major bullish forecast for $ETH.
Pseudonymous cryptocurrency analyst Yashasedu said that based on past bull market trends, Ethereum could surge above $8,500 if Bitcoin reaches $150,000.
Citing historical data, the analyst said that these price levels are possible for $ETH.
On this point, the analyst noted that in past bull cycles, Ethereum typically reached 30-35% of Bitcoin's market capitalization. This figure reached around 35% in 2017 and almost 36% in 2021.
“For example, during the 2021 bull run, $ETH reached $4,878, reaching 36% of Bitcoin’s market capitalization.”
If history repeats itself once again and Bitcoin reaches $150,000 (a 25% increase from its current price of $119,335), Ethereum could surpass $8,500 at a 35% rate.
The analyst also added that if Bitcoin reaches $150,000, the price could trade between $5,376 and $7,420 if $ETH reaches 21.70 to 30 percent of Bitcoin’s market capitalization.
According to the analyst's chart, Ethereum could reach $7,790 if Bitcoin reaches $135,000. However, if Bitcoin reaches $135,000, $ETH could trade between $4,834 and $6,678 if Bitcoin reaches between 21.70% and 30% of its market capitalization, the analyst noted.
Another possibility is that if Bitcoin reaches $125,000, the price of $ETH could reach $7,200, with a 35% chance of success. He also noted that if the price of $ETH falls to $21.70% and reaches $30%, it could trade between $4,479 and $6,183.
Finally, if Bitcoin remains at its current price level and $ETH reaches 35% of the Bitcoin market capitalization, the $ETH price could reach $6,800.
*This is not investment advice.