According to professional trader Scott Melker, Ethereum’s “tremendous upside potential” could overshadow Bitcoin this year.
Alt season is upon us
Melker sees this period of Bitcoin’s price consolidation as particularly bullish for the second-largest cryptocurrency, which recently reached new all-time highs. Melker sees Ether’s outstanding performance as the main catalyst of the recent altcoin market bull run.
He also revealed he has been largely switching his dollar-cost averaging strategy from Bitcoin to Ether in the last few months, in order to take advantage of Ethereum’s “tremendous upside potential.”
“It’s like investing in the internet in the early 1990s to me.”
According to Melker, Ether could reach the $10,000 price target by the end of 2021.
“I don’t see why that’s crazy. It’s basically just under a 5x from here. [...] Bitcoin did almost three times that last year.”