Analyst Predicts Cardano Above $1 After Market Crash, BitMine Buys the Dip, Doubles Down on $10k ETH Prediction

The crypto market has found a bit of stability after massive price drops in the last week. The CIO of Bitwise, Matt Hougan, has said the recent crypto market flash crash is just a temporary blip and the bull market will continue after the market catches its breath.

A top market analyst, MMB Trader, has predicted that Cardano (ADA) will cross $1 after the crash. Sharing the same sentiment, BitMine has expanded its Ethereum treasury with a $417 million purchase, with chairman Tom Lee predicting that ETH could hit $10,000–$12,000 by the end of 2025. 

BitMine Buys Ethereum, CEO Sets $10K Target for ETH in 2025

In the recent crypto market crash, the price of Ethereum dropped from $4,750 to as low as $3,400. While Ethereum has slightly recovered to now trade at $4,000, the dip represented a great buying opportunity for investors to load their bags. 

The biggest corporate holder of Ethereum, BitMine, took the opportunity to add $417 million worth of Ethereum to its corporate reserves. According to reports from LookOnChain, BitMine bought 104,336 ETH in seven hours from Kraken and BitGo. 

In the last week, BitMine has accumulated over 300,000 ETH in the past week alone, taking advantage of the sharp Ethereum price dip. With the latest purchases, BitMine now holds over 3.03 million ETH tokens, or about 2.5% of the total supply. The move marks a milestone in the company’s vision of controlling 5% of all Ethereum tokens in circulation. 

The Chairman of BitMine, Tom Lee, has said that they are buying ETH at a “substantial discount to the future.” In his recent appearance on the Bankless Podcast, Lee reaffirmed his take on Ethereum, predicting that ETH could reach $10,000 to $12,000 by the end of 2025.

According to Lee, a combination of corporate and sovereign adoption, a positive U.S. regulatory approach, and the broader shift toward tokenized finance could drive Ethereum to his price target.

Cardano Holds Major Support, To Pump Above $1 After “Market Manipulation”

The recent market crash sent the price of Cardano as low as $0.27 before recovering above $0.740. However, the Cardano price has stabilized around the $0.6700 support, leading the popular crypto analyst and trader, MMB Trader, to predict that ADA is ready for its next leg up.

According to the trader, the recent market capitulation was more of a “market manipulation” move to clear out leveraged traders. He adds that since the Cardano price managed to hold above the $0.51 support level, it is due for something massive.

The $0.510 support level has held strong in the recent past, and the trader believes it will play a crucial role in the next bull leg for Cardano. With Cardano bouncing off this support level nicely, the analyst predicts that the ADA price is ready to rise to $1.0774.

In Summary

The recent market crash is viewed by industry giants as a fleeting moment of opportunity, not a long-term trend reversal. This is why the Ethereum price is predicted to soar to a new all-time high above $10,000, while the Cardano price returns above $1.