According to a prominent ethereum ( ETH) bull and chairman of Bitmine Immersion Technologies, Tom Lee, the second-largest digital asset is poised to reach $5,500 in the next couple of weeks, with a year-end target of $10,000 to $12,000. He attributes this bullish forecast to historical market trends, noting that the final quarter of the year often sees the most pronounced upward movement in crypto prices.

Lee’s ambitious forecast comes just a day after ethereum broke a new record, breaching the $4,900 mark. As per Bitstamp data, ETH peaked at a new all-time high (ATH) of $4,955 on August 24. The asset, however, experienced a sharp pullback over the subsequent 48 hours, dipping to a low of $4,314 before a gradual recovery. At the time of writing on August 27, ETH was trading around $4,620.

Despite this recent volatility, Lee and other ETH supporters remain steadfast in their bullish outlook. On Aug. 26, Bitmine reportedly acquired an additional 4,871 ETH which saw its its holdings swell to 1.72 million. Some market experts, including renowned on-chain analyst Willy Woo, have linked ETH’s strong performance to a significant rotation of capital from bitcoin ( BTC).

In a post on X, Woo highlighted that daily inflows into ETH, which stand at approximately $900 million, are now rivaling those of BTC. According to Woo, the surge in ETH inflows “started when Tom Lee’s ETH treasury company, Bitmine, started their ETH accumulation.” This analysis suggests that Bitmine’s aggressive acquisition strategy is not only a consequence of bullish sentiment but also a key driver of the broader market trend.

Addressing potential market concerns, Lee acknowledges that September may present a challenging period for investors. He cautions that the month is traditionally associated with market pullbacks but insists that any such dip should be viewed as a strategic buying opportunity.

“Of course as you know, September is the month that everyone is gonna be worried about because that’s the month you might get a pullback but you need to be buying that dip,” Lee stated in a recent interview.

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