from the materials of the site - By Cointelegraph
The rapidly growing institutional interest in Ethereum could trigger a supply shock and prepare Ethereum to surpass Bitcoin in the next six months, believes Galaxy Digital CEO Mike Novogratz.
"The supply of ETH is low, so I think ETH likely has a chance to outperform Bitcoin in the next three to six months," Novogratz said in an interview with CNBC on Thursday.
Ethereum is "destined to at least reach" $4000
"If ETH surpasses $4000, it will enter the price index," he said, referring to a level that, according to Nansen, represents a growth of about 8.5% from the current price of Ethereum (ETH) at $3618.
"We feel that we are destined to hit the ceiling of $4000 at least a few times," he said.
Novogratz also noted the "really powerful" narrative of Ethereum. He pointed out that two major companies, Sharplink Gaming and BitMine Immersion Technologies, recently acquired large amounts of ETH.
On Thursday, BitMine reported it holds 566,776 ETH (approximately $2.03 billion), while Sharplink's total assets amount to 360,807 ETH (approximately $1.29 billion).
Meanwhile, another company, Ether Machine, plans to list its shares on Nasdaq under the ticker 'ETHM', managing more than 400,000 ETH worth over $1.5 billion at launch.
Novogratz does not expect a slowdown in purchases.
"They are raising capital every day and buying Ethereum," he said. Another analyst, BitMEX co-founder Arthur Hayes, predicted on Tuesday that Ethereum could reach $10,000 by the end of the year.
On the charts, Ethereum is already showing signs of outperformance relative to Bitcoin. The asset's relative strength compared to Bitcoin (BTC) has surged, increasing by 36.53% over the last 30 days, according to the ETH/BTC TradingView ratio.
Novogratz said the price of Bitcoin at $150,000 "seems like a reasonable target when I draw strange lines on the charts."
"It seems we are destined for growth as long as this situation persists," he added.
On the topic: Ethereum analysts predict "further growth" as the price of ETH retraced $3,600.
Meanwhile, Bitfinex analysts in a market report on Wednesday stated that if the upward trend of Bitcoin continues, the next significant target will be $136,000, although this could signal a local maximum.
"This level has historically reflected an overly prolonged bullish trend and often coincides with euphoric market sentiment and peak positions," the analysts noted.
However, Novogratz warned that if U.S. President Donald Trump "changes his mind" and decides the country "doesn't need lower rates," it could alter his views.
"That would change my thesis, but until that happens, I think we are heading towards $150," he said.
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