Ryan Berckmans, a member of the Ethereum community and investor, has predicted that the price of Ether (ETH) could reach $27,000 during the current bull cycle. In a recent interview with Cointelegraph, Berckmans stated that his personal prediction is that Ethereum could reach anywhere between $12,000 and $27,000 per coin within the next 18 to 30 months.
Berckmans attributes this potential increase in value to the lack of selling pressure from miners. He explains that this selling pressure disappeared after Ethereum made the transition from a proof-of-work to a proof-of-stake consensus mechanism in September 2022 through the Merge upgrade. This current bull cycle is the first for Ethereum since the implementation of the proof-of-stake system.
The main reason for the selling pressure from miners, as highlighted by Berckmans, is the need to sell a large number of coins regularly in order to cover operational costs. This constant selling puts downward pressure on the prices of proof-of-work coins. Berckmans estimates that during the previous cycle, Ethereum was responsible for the majority of proof-of-work related costs, despite having a lower market capitalization than Bitcoin.
Berckmans emphasizes that we can expect the aggregate proof-of-work sell pressure to be significantly reduced compared to the last cycle. He predicts that this reduction could be over 80%.
For more information on Berckmans’ perspective on Ethereum in the current market cycle, you can watch the full video on our YouTube channel.