Tom Lee’s BitMine Predicts Ethereum Could Reach $60,000 Per Token
BitMine Immersion Technologies, led by Tom Lee, presented its investor outlook titled “The Alchemy of 5%” on July 28. The presentation highlighted that ETH has surged nearly 150% since April lows, reaching approximately $4,000 this week.
- The firm suggests a potential "replacement value" for ETH at $60,000, significantly higher than the current price around $3,800.
- Over 60% of stablecoins are on the Ethereum network, indicating strong institutional interest as tokenized assets gain momentum.
- BitMine holds 600,000 ETH, valued at over $2.2 billion.
- Corporate accumulation of ETH could mirror the impact MicroStrategy had on Bitcoin prices.
- Finality Capital and other firms are investing in BitMine, increasing corporate demand for ETH.
- Currently, ETH trades at approximately $3,817, down about 2.5% in the last day.
- Previous breakouts this month resulted in price jumps of 25% and 30% respectively; a similar increase could push ETH above $4,300 by week's end.
- Ethereum futures open interest rebounded sharply to $44.2 billion, nearing last week’s high of $45 billion, with significant gains in confidence among investors.
Renewed bullish momentum indicates a possible retest of $4,000 and new all-time highs in the coming weeks.