The industry was sent into a dizzy on 4 December when the market recorded a flash crash, one that resulted in many cryptos tanking. While most have resumed recovery since, Ethereum has been especially quick in regaining its losses, far outpacing Bitcoin‘s growth.
However, with the altcoin still stuck below $ 5,000, the ultimate goal of hitting $ 10,000 by the end of the year seems very far-fetched. And yet former Goldman Sachs executive Raoul Pal remains optimistic. In a recent interview, the so-called crypto-maximalist noted,
“I’m using best-case probabilities. No certainties. I still think ETH finishes this year closer to $15,000 than to $10,000… Just by the nature of what is actually going on right now and the chart patterns and, you know, the people who are coming into the space.”
ETH at $ 40,000 by next summer?
In fact, the investor posed an even more bullish scenario for Ether’s long-term price path, adding:
“The small probability upside is that it hits $40,000 by the summer. That’s because [of] the staking cycle and how the charts look. It’s not my base case; my base case would be $20,000 ETH by March at the latest.”
While many continue to present a very positive outlook for altcoin, it’s no secret that its dominance is increasingly challenged by new-age rivals. These new-age blockchains already offer functionality similar to those provided by ETH 2.0. These include Solana, Terra, Avalanche, and Cardano, among others, who have all developed rapidly evolving DeFi ecosystems.
Pal seemed to agree with this, stating,
“I think that Solana will outperform ETH in the cycle and I think that Terra will outperform ETH. “
The executive has long been a strong supporter of Ethereum. He is said to have allocated a significant portion of his crypto wallet to ETH. Explaining his preference for Ethereum, regardless of his belief in rivals, Pal argued,
“I have less certainty because the network effects are less pronounced. So, therefore, I have to have a smaller bet, but I don’t think ETH stops going up.”
It should be noted, however, that some weight can be given to Raoul’s bullish predictions. Especially since the price of Ether hit a new high against Bitcoin this week, for the first time since 2018.
