Will Ethereum Reach $10,000 after Bitcoin Halving? And When Can It Be Expected?

Today, only a question lingers in the crypto world: will Ethereum reach $10,000 after Bitcoin Halving? Looking to the present day, the Bitcoin Halving event was done and dusted on 19 April 2024, and it got Bitcoin pushing the crypto market from all angles. Even with such focus and attention, some light did shine on Ethereum when discussing technology. 

Standing as the second-best popular crypto, this coin has the potential, and analysts aren't shying away from its reality. Rumors have arisen about whether Ethereum could break the $10k barrier and if it could make the predictions come true. The predictions surrounding these might affect the Bitcoin forecasts, such as the rise to $150,000 following the Bitcoin Halving event. Let's look at how some factors might be this possibility.

Ethereum price movements have been affected by Bitcoin over the years, showcasing its dominance in the crypto market. The price of Ethereum has usually been linked with a rise in Bitcoin price, generally driven by speculation rather than practicality. Moreover, the price can be reversed, and the other might fall or rise in the opposite direction. 

Recent statistics indicate a shift in value dynamics. Since last year, Ethereum's price has gone over 87%, while Bitcoin has seen a jump of more than 133%, according to PortfoliosLab. This shows that Ethereum is finally cutting itself off from BTC trends and carving its path.
 

The Impact of Bitcoin's Price Movements

The possible decoupling of Ethereum price, is still factored by prominent fluctuations in Bitcoin’s price, with anticipation of Bitcoin reaching $150,000, there will be a 160% rise from its current value. Notably, Ethereum might see a prominent rise, raising the question: will Ethereum reach $10,000 after Bitcoin Halving. This is only possible if its current value rises more than 200%. 

Liquidity Rotation: At the height of market fluctuations, The profit from one major asset might shift to another. A rise in Bitcoin price might lead to profit-taking, with few funds flowing into ETH, a potential drive in its price over $10,000. 

Potential Approval of an Ethereum ETF: With the approval of Bitcoin ETFs, the chances for Ethereum ETFs are set to rise. However, sentiments have reduced the chances after the skepticism from Jan van Eck, in an interview with CNBC, where he showed no positive signs for its approval by legal authorities. 

On the other hand, Bitwise analysts show a more optimistic approach, portraying a 50 to 60 percent chance of getting approved by the SEC. This approval might gain more significant investments from financial institutions, which take Ethereum as a versatile choice due to its smart contract functionality and adaptability in real-world applications.

The crypto market is highly volatile and unpredictable, yet there are scenarios where Ethereum might outdo Bitcoin in terms of percentage gains, as it did back in 2021. Ethereum has various practical use cases and functionalities that might allow it to perform well in the 2024 market rally. However, it is implausible that it can surpass Bitcoin in terms of price and market capitalization. 

The Bitcoin Halving will act as more than a catalyst for Bitcoin, which might influence the entire crypto ecosystem. Being the second largest blockchain and crypto asset Ethereum will likely gain from this event, raising the question, will Ethereum reach $10,000 after Bitcoin Halving. While the chances are slim to reach new heights, it might still hit the mark with several other factors boosting the rise.