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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Could Grow More Than $6,000, Bloomberg Analyst Says

Best Owie
Best Owie
3 years ago
2 mins read
Ethereum

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Ethereum had always had its price be a strong bone of contention among investors. While some may believe that the digital asset is overvalued, others believe that the cryptocurrency is yet to fulfill its potential. One of those is Bloomberg analyst Jamie Coutts, who has revealed a very bullish forecast for the digital asset, saying it would grow more than 100% from its current price.

Ethereum At $6,000?

Coutts has expressed a very positive outlook for the second-largest cryptocurrency, Ethereum. Like others before him, the Bloomberg analyst sees the cryptocurrency’s utility and real-world uses as the argument for this very high valuation. This is why Coutts has said that he sees the price of the digital asset growing to more than $8,300, over a 100% increase from where it is currently trading.

Related Reading | Ethereum Will Continue To Outperform Bitcoin, Here’s The Indicator That Says So

The Bloomberg analyst referred to the cryptocurrency as a “unique blend of equity, commodity, and monetary characteristics,” a school of thought not at all scarce among investors and supporters of Ethereum.

Using the discounted cash flow model that was created by Bloomberg, it is expected that the value of ETH tokens could rise as high as $6,128, more than doubling in price even after the recent surge.

What Is Driving This?

Besides Ethereum being one of the cryptocurrencies with the most utility, it has also made it onto the radar of big investors due to the upgrades being performed on the network. One of these upgrades is the move to the Ethereum consensus layer that will finally move the network from using the proof of work mechanism to utilizing the proof of stake mechanism already employed by a number of blockchains.

Related Reading | TA: Bitcoin Gains Momentum, Indicators Point Strong Move To $45K

This upgrade will not only upgrade the network in terms of security but it would help with scalability. By doing this, the network can allow for an even larger volume of transactions to be carried out.

Ethereum price chart from TradingView.com

ETH trading above $3,000 | Source: ETHUSD on TradingView.com

It is expected that with the final “Merge” will come more demand for Ethereum. If this is the case, then with the higher demand will come higher network use. This will inadvertently lead to higher fees on transactions, meaning higher returns for network validators. Furthermore, predicted growth like this will see more people lock their ETH to become validators.

Following this trend, Ethereum will likely surge in value as more investors clamor to get their hands on the cryptocurrency. And with the EIP-1559 burn making it a deflationary token, the surge predicted by Bloomberg seems more realistic than it is optimistic.

Featured image from DataDrivenInvestor, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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