Ethereum has followed Bitcoin unfailingly since its inception and this has allowed the altcoin to establish itself as the second-largest cryptocurrency in the market. Even now, Bitcoin’s trend tends to set the pace for the likes of ETH and other altcoins in the market, so a bullish case for the pioneer cryptocurrency always means good tidings for other assets in the space. So the forecast of Bitcoin trading at $120,000 is more than bullish for Ethereum.
Bitcoin Headed To $120,000?
Since the week began, the crypto space has been inundated with forecasts that the price of Bitcoin is set to quadruple before the year is over. This forecast has not been localized to a single source as more than one prominent personality has come forward to say that they expect the digital asset to reach this price level.
The first of these was Standard Chartered’s forecast that said BTC’s price would surge as high as $120,000 in 2023. This forecast predicts an over 300% increase for the digital asset, even at a time when the bearish winds are yet to be completely cleared.
The price increase, which the bank said is possible because BTC miners are selling fewer coins, goes against Standard Chartered’s previous forecast just seven months ago, where a report put BTC’s potential price at a mere $5,000.
Another notable figure that also jumped on the ‘BTC to $120,000’ bandwagon is Robert Kiyosaki, the author of the bestselling finance book ‘Rich Dad, Poor Dad’. Kiyosaki points to the adoption of the gold standard by the BRICS alliance. According to the author, this move will lead to the decline of the US dollar, causing inflation to rise sharply.
In light of this, Kiyosaki advised investors to move to precious metals such as gold and silver, as well as investing in Bitcoin. The finance author says as the BRICS countries move to gold-backed cryptocurrencies, BTC’s price will balloon to $120,000.
Where Will Ethereum Be?
If the forecasts for Bitcoin were to play out as said, then it is very bullish for Ethereum. Looking through history, it is obvious that Ethereum’s price growth has always followed BTC’s price trend, in some cases, even rallying higher.
ETH price always rallies alongside BTC | Source: BTCUSD on TradingView.com
Going by ETH’s current price, a 4x from the current level would put the price of the altcoin at a price of around $9,000. With altcoin season following such a rally from BTC, it will likely see the price of Ethereum claim the coveted $10,000 level. Nevertheless, such a price move for ETH remains highly dependent on BTC reaching the $120,000 level as well.
At the time of this writing, ETH is changing hands at a price of $1,888, a 24-hour increase of 0.26%, but recording 2.20% losses on the weekly chart.