Analyst who called bitcoin’s rebound says ether could hit $10,000

Analyst who called bitcoin’s rebound says ether could hit $10,000

Bitcoin exploded to a new all-time high Wednesday just one day after the first-ever bitcoin-linked exchange traded fund (ETF) started trading on the New York Stock Exchange. The ProShares Bitcoin Strategy ETF (BITO) saw more than $550 million dollars pour into the new futures-linked product in its debut trading day.

That enthusiasm, in part, helped push bitcoin's price (BTC) to a new all-time high north of $65,000 Wednesday morning. Now, one analyst at Fundstrat Global Advisors says that enthusiasm is likely to spill over into pushing the second-largest cryptocurrency by market cap, ethereum, well past its own prior record.

Fundstrat's Head of Digital Asset Strategy Sean Farrell told Yahoo Finance Live he expects ether (ETH-USD) to not only move past its prior all-time high of about $4,200 set back in May, but potentially all the way up to $10,000. As his new research note highlights, outsized moves in bitcoin tend to precede following peaks in ether. 

"What we've seen in prior bull market cycles for bitcoin is that bitcoin generally leads the rally, capital rotates, investors take their gains and rotate into altcoins, with the most predominant heavily-traded altcoin being ethereum," Farrell explained. "And quite frankly, we think that a lot of people