ETH Eyes $10K While BTC Targets $126K– Which Will Hit First?

Ethereum and Bitcoin are once again at the center of market speculation as both approach critical milestones. Investors are closely debating whether Ethereum will reach $10,000 before Bitcoin pushes through $126,000.

The stakes are high, with increasing institutional participation and macroeconomic signals sending mixed messages about growth and monetary policy. Traders are looking at both data and sentiment to determine which asset could claim the next major victory.

Ethereum Gains Institutional Traction

Ethereum’s rise is being fueled by institutional involvement. A recent Goldman Sachs report revealed a surge in participation, placing Ethereum’s market cap near $3.2 trillion if the trend continues.

This wave of adoption signals that large investors are not only focused on Bitcoin but also see Ethereum as a key player in decentralized finance and infrastructure. Significantly, this narrative strengthens the case for Ethereum hitting the $10,000 mark, as growing demand is coupled with expectations of scalability improvements and network expansion.

Related: Ethereum Price Prediction: ETH Slides To $3,990 As ETF Outflows Weigh On Sentiment

Moreover, liquidations across the market are amplifying Ethereum’s momentum. More than $100 million in short positions have been wiped out in the past hour alone, triggering cascading buy pressure. This short squeeze has accelerated Ethereum’s rally, creating conditions for a rapid test of higher levels if bullish sentiment holds.

Bitcoin’s Close Encounter with Its High

Bitcoin, meanwhile, is just steps away from surpassing its all-time high of $124,457. Crypto prediction platform Polymarket places a 71% chance that Bitcoin will touch $126,000 before the end of October. Such a forecast highlights the confidence among traders, especially as Bitcoin needs less than a 2% move to achieve this milestone.

Related: Ethereum Price Prediction: Can ETH Break $4,300 to Reach the $4,565 Target?

The macroeconomic backdrop is adding fuel. US economic data released today offered mixed signals, with the S&P PMI rising to 53.9 but ISM Non-Manufacturing slipping to 50.0.

The divergence raises uncertainty about overall momentum, yet markets are leaning toward the idea that weaker readings will push the Federal Reserve toward continued easing. For Bitcoin, this environment often translates to renewed inflows, given its perception as a hedge against dollar weakness.