- Crypto market sees market flush with BTC and ETH prices dropping.
- Tom Lee predicts the price of ETH to hit bullish cycle top prices.
- He expects ETH ATH to hit between $30,000 $60,000 this cycle.
The new week starts off as the crypto market sees market flush. In detail, the price of BTC fell as far as $112,000, and the price of ETH fell as far as $4,100. As the pioneer crypto and altcoin assets trade at slightly lower prices, FUD sentiment rises in expectation of the September market correction to finally begin. Despite this, most market experts remain bullish for the long term. Specifically, Tom Lee predicts $30,000 to $60,000 ATH for Ethereum this bull cycle.
Crypto Market Sees Market Flush
The month of September has been one of anxiety for the crypto community as both BTC and ETH went on to set new ATH prices of $124,000 and $4,900, respectively, in the month of August. Soon after, both assets fell away from their price discovery ranges and experienced a significant decline in prices. Today, both assets took an even bigger hit, with the price of BTC falling to $112,000 and ETH falling to the $4,100 price range.
Now, analysts believe that what may be playing out at the moment is the market experiencing its expected September correction phase. Historically, September has always been a challenging month for crypto and is usually a month for corrections to pull down the price of BTC and ETH specifically. Presently, with the prices both in decline, analysts believe the correction may finally have been triggered.
The trigger was expected to be the Fed rate cut announcement, which came last week, meaning the crypto market is moving just as predicted by reputed crypto analysts. As for what comes next, several analysts are determined on the outcome being a bullish long-term move for all crypto assets, starting with new ATHs for both BTC and ETH, after which Bitcoin Dominance will collapse, and ETH hitting higher highs will finally launch altseason.
Tom Lee Predicts $30,000 to $60,000 ATH for ETH
One of the most bullish predictions for the pioneer altcoin, Ethereum (ETH), comes from the Chair of Bitmine Immersion, Tom Lee. This entity has been stockpiling ETH at an unprecedented level. Its goal is to hold 5% of the total ETH supply, and it has already accumulated almost 2% of its total ETH supply. Tom Lee is ensuring this rapid ETH accumulation will be met before ETH goes on to set higher highs.
As we can see from the post above, Lee expects ETH to hit cycle top ATH prices between the $30,000 and $60,000 price range this bull cycle. He believes ETH will see a parabolic and unbelievable pump, which will likely begin in altseason. He has also stated before that the price of ETH will pump to $15,000 to $16,000 by the end of December this year. Just how far will ETH pump this bull cycle?
