Well-followed crypto analyst and trader Scott Melker made an important prediction from his personal X account on the last day of 2023. Without giving a specific date, the analyst declared his expectation for Ethereum (ETH), the king of altcoins, to reach $12,000. Popular crypto YouTuber Lark Davis also expects a significant rise in ETH, announcing a notable price increase for the last week of 2023 and hinting at a four-digit level without giving a specific date.
Melker and Davis’s Four-Digit Price Forecast for Ethereum
Experienced crypto analyst and trader Melker made a bold prediction on December 31, 2023, stating that he expects ETH to reach $12,000 by 2025. Melker emphasized that his forecast was specifically for Ethereum, the second-largest cryptocurrency by market value, not for the largest one, Bitcoin (BTC).
Melker is not the only one expecting a four-digit price level for ETH. In the last week of 2023, popular crypto YouTuber Lark Davis also predicted a significant rise in the price of Ethereum, expecting it to reach $10,000. Davis did not provide a specific date for this prediction.
2024 Will Be a Significant Year for the Crypto Market
On the other hand, Davis, like many, expects the crypto market to make a significant breakout in 2024, anticipating it to be a year of great rise. Accordingly, the expert listed 10 reasons supporting this expectation. The first reason pointed out by Davis is that the stock markets are currently advancing in a parabolic manner with all major market indices growing, which indicates that people are making a lot of money and may soon turn to invest in cryptocurrencies.
The second reason Davis points to is the green light from the US regulator SEC for spot Bitcoin ETFs. Davis expects the SEC to approve ETFs in January but emphasized that if there is a delay, the final approval is expected in the first quarter of the year.
Another reason highlighted by the expert is the potential victory of US-based Coinbase exchange in court against the SEC. According to him, if Coinbase wins against the SEC, it would mean a loss for the US regulator, which has already suffered legal defeats against Grayscale and Ripple Labs in 2023. The SEC also dropped personal lawsuits against Ripple CEO Brad Garlinghouse and co-founder and former CEO Chris Larsen on its own initiative.
Davis also cites other reasons such as the fourth Bitcoin block reward halving happening in April this year, the upcoming big gaming wave based on Web3 where cryptocurrencies will be used as in-game currencies, and the expectation that the US Federal Reserve (Fed) will start lowering interest rates this year.
