Ethereum Price Prediction: While Everyone’s Scared, BitMine Just Bought 21,000 ETH – Are They Betting on a 2026 Bull Run?

BitMine Immersion Technologies (BMNR) has doubled down on ETH, adding another 21,000 coins in a testament to bullish Ethereum price predictions.

The $60 million investment in the altcoin comes despite bear market sentiment, with the U.S. macro landscape uncertain due to a black zone created by the government shutdown.

Tom Lee(@fundstrat)'s #Bitmine is still buying $ETH.

A new wallet 0x5664 — likely linked to #Bitmine — just received 21,537 $ETH($59.17M) from the #FalconX 8 hours ago.https://t.co/8kg77vYddh pic.twitter.com/FKivNNe0jM

— Lookonchain (@lookonchain) November 23, 2025

Even as the firm grapples with a $4 billion an estimated $4 billion in paper losses following the 30% price decline over the past month, it is leaning into a long-term ETH thesis.

To offset the sting of declining asset prices, BitMine is rebranding itself from a passive ETH holding company to an active yield generator through staking, deepening its commitment to long-term holding.

BitMine Chairman Thomas Lee has blamed recent market pressure on a “liquidity shock” rather than weakening fundamentals, citing the $20 billion in leveraged positions wiped out on October 10.

He likened current conditions to the 2022 post-FTX liquidity shock, which took 8 weeks to clear but ultimately led to a sharp “V-shaped” recovery, a pattern he believes is repeating.

Lee has forecast 3,500 as a likely local bottom to the correction, and with Ethereum “basically there,” the next leg of the bull run may be primed.

Ethereum Price Prediction: Does the Bull Run Start Now?

This “V-shaped” recovery mirrors current price action, with Ethereum filling out the final shoulder of a potential bullish head-and-shoulders pattern.

With supportive momentum indicators and a decisive bounce from a historical demand zone around $2,750, the anticipated local bottom may have come in early.

The RSI has reached levels indicative of seller exhaustion at the 30 oversold threshold, and the level that has marked local bottoms of the left shoulder and head throughout the pattern.

The MACD also converges on a potential golden cross above the signal line for the first time since early November, often marking the early stages of a fresh uptrend.

A fully realised pattern breakout could see the neckline reclaimed around $5,500, reclaiming past all-time highs and entering new price discovery in a 90% move.

But as the bull market matures, if Ethereum returns to other mainstream balance sheets through corporate treasuries and ETF accumulation, the move could extend 250% to $10,000.

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