Ether’s $4K Gambit: Bitcoin’s Days Numbered? 🎩🔥

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Ah, the age-old tale of supply and demand, but with a dash of digital alchemy! Michael Novogratz, our dear old friend at Galaxy Digital, whispers that Ethereum’s institutional admirers are poised to trigger a supply shock—though one suspects they’ve been sipping too much champagne at the crypto gala. 🥂

“There’s not a lot of supply of ETH, and so I think ETH probably has a chance to outperform Bitcoin in the next three to six months,” he croons to CNBC, as if reciting a sonnet to a stock ticker. 🎭

Ether is “destined to at least knock” on $4,000

“If ETH takes out $4,000, it goes into price discovery,” he declares, as if the market is a shy maiden awaiting a proposal. Nansen, ever the reliable gossip, notes this would be an 8.5% leap from Ether’s current price of $3,618. A modest ascent, really, for a cryptocurrency with more drama than a Shakespearean tragedy. 🎭

“We feel kind of destined to at least knock on the $4,000 ceiling a few times,” he sighs, as if the ceiling is a long-lost lover. 🕯️

Novogratz also raves about Ether’s “really powerful” narrative. Two major companies—Sharplink Gaming and BitMine Immersion Technologies—have recently bought large amounts of ETH. One wonders if they’re investing in the future or just chasing the latest meme. 🎮

On Thursday, BitMine reported holding 566,776 ETH (approximately $2.03 billion), while Sharplink’s holdings total 360,807 ETH (approximately $1.29 billion). A veritable avalanche of institutional interest, if you’ll pardon the pun. 💰

Meanwhile, another firm, Ether Machine, plans to list on the Nasdaq under the ticker symbol “ETHM,” with over 400,000 ETH worth more than $1.5 billion under management at launch. One can only imagine the ticker tape parade. 🎉

Novogratz doesn’t see the buying slowing down. “They are raising capital every day and buying Ether,” he says, as if the market is a well-rehearsed play. Another analyst, BitMEX co-founder Arthur Hayes, on Tuesday predicted that Ether could hit $10,000 by the end of the year. A dream, perhaps, but one worth chasing. 🌟

On the charts, Ether is already showing signs of outperformance against Bitcoin. The asset’s relative strength against Bitcoin (BTC) has been surging, up 36.53% over the past 30 days, according to TradingView’s ETH/BTC ratio. A rising star, indeed. 🌟

However, Novogratz still sees more upside for Bitcoin in the near term. “It feels like we’re destined to go higher, as long as this narrative continues,” he adds, as if the market is a well-timed quip. 🎩

Novogratz says Bitcoin “destined to go higher”

Novogratz said a Bitcoin price of $150,000 “seems a decent target just when I draw funny lines on my charts.” A whimsical notion, but one that’s sure to spark a frenzy. 🎭

Meanwhile, Bitfinex analysts said in a market report on Wednesday that if Bitcoin’s uptrend continues, the next major target will be $136,000, though it may signal a local top. “This level historically represents overextended bullish conditions and often coincides with euphoric market sentiment and peak positioning,” the analysts said. A cautionary tale, perhaps, but one best ignored by the eager. 🧠

However, Novogratz warned that if US President Donald Trump were to “change his mind” and decide that the country doesn’t “need lower rates,” that could alter his outlook. “That would change my thesis, but until that happens, I think we’re heading to 150,” he said. A gamble, but one worth taking. 🎲

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2025-07-25 07:15