Bitcoin’s Next Rally Could Push Ethereum Toward $20K

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The analyst says a drop below $1,388 could undermine the technical setup behind the long-term bullish thesis.

Ethereum (ETH) could reach $20,000 in the next few years, according to Credible Crypto.

The premise for his thesis lies in ETH’s trading range of five years, weak relative performance vis-à-vis Bitcoin (BTC), as well as a potential rotation into higher-risk assets.

Analyst Sees ETH Breaking 5-Year Range

As explained by the analyst in Sunday’s episode of the No Bs Crypto podcast, ETH has been trading in a range of around $1,500 to $5,000 for about five years now, the token having touched both ends several times in the process, forming what he considers a large higher timeframe range.

Additionally, while Bitcoin is trading above the 2021 high, Ethereum is lagging behind, and according to Credible Crypto, the ETH/BTC ratio has reached such levels that it can allow ETH to catch up with BTC.

His basic target is $10,000. He argued that doubling Ethereum’s previous range high near $5,000 would produce that level, while a larger range expansion could push ETH toward $8,000 and $9,000 even before we consider other factors.

The $20,000 target will rely heavily on Bitcoin’s price. If the BTC price stands at about $80,000, where it is currently close to, with ETH/BTC recovering back to its earlier high of 0.156, then Credible says Ethereum will hit above $12,000.

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