I had to repost my idea because I accidentally violated the rules in my previous post. Sorry for being redundant. Thanks for your patience.
Please don't trade based on my technical analysis alone. This is only meant to provide you with new ideas and new insight to improve your own unique approach to trading. I don't expect to accurately predict what the price will do. I just enjoy imagining different scenarios that could happen. Enjoy!
This idea was originally inspired by a fundamental analyst that I respect a lot. I wish I could give him proper credit and link you to the information, but referencing anything outside of TradingView is not allowed.
So could ETH really hit 10k? Well in my opinion it certainly could. A $10,000 ETH would mean a market cap of around 1 trillion dollars. When you take into consideration the market capitalizations of more traditional assets, this definitely doesn't seem impossible. According to an article from a trustworthy source which I can't name, the market cap of physical gold alone is somewhere between 7 trillion and 100 trillion dollars, and the market cap of the S&P 500 is over 20 trillion dollars. The cryptocurrency market already reached a market cap of around 1 trillion dollars during the 2017 hype cycle, when almost all cryptocurrencies were nothing but an idea on paper, and the vast majority of institutional money had not even touched cryptocurrency.
What will the market look like as these mere ideas become actual working products, and as major institutions start getting involved? In my opinion, it's only a matter of time. Will it happen next year, like I have drawn? Or will it take 10 years? Or will it never happen? Leave a comment and let me know your opinion. I personally doubt it will happen next year as I've drawn, but as you can see from the previous price movements it's not outside the realm of possibility.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
Please don't trade based on my technical analysis alone. This is only meant to provide you with new ideas and new insight to improve your own unique approach to trading. I don't expect to accurately predict what the price will do. I just enjoy imagining different scenarios that could happen. Enjoy!
This idea was originally inspired by a fundamental analyst that I respect a lot. I wish I could give him proper credit and link you to the information, but referencing anything outside of TradingView is not allowed.
So could ETH really hit 10k? Well in my opinion it certainly could. A $10,000 ETH would mean a market cap of around 1 trillion dollars. When you take into consideration the market capitalizations of more traditional assets, this definitely doesn't seem impossible. According to an article from a trustworthy source which I can't name, the market cap of physical gold alone is somewhere between 7 trillion and 100 trillion dollars, and the market cap of the S&P 500 is over 20 trillion dollars. The cryptocurrency market already reached a market cap of around 1 trillion dollars during the 2017 hype cycle, when almost all cryptocurrencies were nothing but an idea on paper, and the vast majority of institutional money had not even touched cryptocurrency.
What will the market look like as these mere ideas become actual working products, and as major institutions start getting involved? In my opinion, it's only a matter of time. Will it happen next year, like I have drawn? Or will it take 10 years? Or will it never happen? Leave a comment and let me know your opinion. I personally doubt it will happen next year as I've drawn, but as you can see from the previous price movements it's not outside the realm of possibility.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
