On September 29, renowned trader Eugene Ng Ah Sio announced that the current bull market in Bitcoin and altcoins has officially entered its second phase. Ng emphasized that this phase presents a crucial moment for investors to set their targets, as he shared potential price ranges for Bitcoin, Ethereum, and Solana. Although these targets are difficult to predict with precision, Ng suggested that the market’s trajectory could be influenced by key factors such as Donald Trump’s potential election victory and a “soft landing” for the U.S. economy.
New Phase of the Bull Market
Eugene Ng, known for his successful predictions in the crypto market, has caused a stir with his latest comments. According to Ng, this new phase signals the acceleration of gains for cryptocurrencies, but he remained cautious about pinpointing where the rise will end. He urged investors to remain vigilant, as market volatility could continue to pose risks even during bullish periods.
Not usually one for price targets so I’ll give price ranges for the end of the cycle assuming we get Trump win + soft landing.$BTC: $100-200k$ETH: $4-6k$SOL: $500-1000
Total Crypto Market Cap: $5-10tn
Leg 2 is beginning. Time to lock in. pic.twitter.com/ZQPVsGXzoX
— Eugene Ng Ah Sio (@0xENAS) September 29, 2024
The price ranges presented by Ng suggest enormous potential for growth, but many investors are questioning whether these targets are achievable. For Bitcoin, Ethereum, and Solana, significant price increases are expected. However, these will depend on broader market conditions and whether Ng’s assumptions hold true.
Bitcoin, Ethereum, and Solana Price Predictions
Ng laid out specific price ranges for Bitcoin, Ethereum, and Solana as the bull market progresses. According to his projections, Bitcoin could reach between $100,000 and $200,000 by the end of the bull cycle. For Ethereum, he estimated a target of $4,000 to $6,000. Meanwhile, Solana could climb to a range of $500 to $1,000.
These predictions are ambitious, especially considering the recent market volatility. While Bitcoin has previously hit a high of $69,000, many investors are skeptical about whether it can reach $200,000. Similarly, Ethereum’s $6,000 target seems aggressive, while Solana’s $1,000 goal raises eyebrows given its previous performance during past market cycles.
Is a $10 Trillion Market Cap Possible?
Beyond individual cryptocurrencies, Ng offered bold predictions for the overall market as well. He projected that the total crypto market cap could rise to between $5 trillion and $10 trillion. This forecast has been met with speculation, as the current market cap hovers around $1.1 trillion.
Ng believes these valuations are attainable, provided that Trump wins the U.S. presidential election in 2024 and the U.S. economy avoids a hard landing. Should these conditions materialize, the crypto market could experience exponential growth, according to Ng.
The Role of U.S. Politics and the Economy
Ng’s predictions heavily depend on the outcome of the 2024 U.S. presidential election and the state of the economy. He argued that a Trump victory would have a positive effect on crypto markets, spurring more investment into Bitcoin and other altcoins. If the U.S. economy also experiences a “soft landing,” investors are likely to seek out riskier assets, further driving up demand for cryptocurrencies.
However, Ng cautioned that if the U.S. economy faces a harder recession or if Trump loses the election, the market may struggle to hit these lofty targets. As such, investors should remain cautious in their strategies, considering the high level of uncertainty in both the political and economic landscape.
