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BTC 
ETH Tom Lee and Bitmine are about to stop buying ETH: Could this be the trigger for the Ethereum price explosion?
The new price target shows that ETH is expected to soar to $14,000 or even $50,000. The cryptocurrency market appears to be at a turning point, and experts and analysts are watching the market closely for signs of a rise or a deeper correction. After BTC and ETH remained stable after two days of deep price corrections, most holders were waiting and seeing with anticipation. One expert pointed out an important development in the market, namely that Tom Lee and Bitmine are about to stop buying ETH. Will this become the trigger point for the explosive growth of ETH prices?
Tom Lee and Bitmine are about to stop buying ETH
According to data analysis, BTC is currently trading in the US$82,700 range, while the price of ETH has also returned to the green zone, trading slightly below US$2,500. With both assets showing signs of recovery, analysts expect the adjustment phase to be over and hope to see both pioneer assets rise sharply in the next few days, especially since many indicators point to a wave of market activity.
For Bitcoin, a pioneering crypto asset, its price was expected to hit $88,000 and pull back to $79,000, before entering the $90,000 price range. In fact, these goals have been largely achieved because BTC rose to $87,000 and then pulled back to $80,300. At the same time, for Ethereum, the asset was expected to exceed $2,700, recover the $3,000 mark, and then reach $3,500. However, the current trading price of this pioneer crypto asset is only around $2,500.
Could this be the trigger for the explosion of ETH prices?
Of course, this decline was fully utilized by the largest ETH accumulation entity-Bitmine led by Tom Lee. According to Lee, ETH has the ability to hit impressive all-time highs (ATH) this altcoin season. In fact, Lee predicted last year that ETH prices would reach a new high of $8,000 to $12,000. However, the cryptocurrency market experienced a sharp plunge, setting a record for the largest single-day liquidation in history.
Despite setbacks, Lee continued to lead Bitmine to accumulate ETH, aiming to hold approximately 5% of total supply. As of now, Bitmine Immersion Technologies holds 6,016,414 ETH (approximately 6.02 million tokens), accounting for approximately 4.9% of Ethereum's total circulating supply. Analysts in the above post believe that they will soon stop accumulating and buy on dips.
Will the fact that Bitmine eventually holds 5% of the total supply of ETH become the trigger point for ETH to enter a parabolic rise? The above post highlighted the potential for ETH to soar to $50,000 and the macro roadmap being formed. As ETH trades in the long-term rising channel, the macro Elliot Wave structure points to the possibility of a fifth wave expansion, which could push it to multiple new high targets, from $5,000 to $14,000, or even $50,000.
