Bitcoin (BTC) poised to quickly outperform Ethereum (ETH) in coming weeks, top crypto strategist says
A closely followed cryptoanalyst believes that Bitcoin (BTC) may now be in a position to significantly outperform Ethereum (ETH).
Pseudonymous analyst Kaleo tells his 562,700 Twitter followers that the Ethereum/Bitcoin pair (ETH/BTC) is now trading below a diagonal trendline, suggesting that ETH is likely to follow BTC in terms of gains.
“ETH/BTC finally broke below the high timeframe support line we’ve been looking at.
Remember, this chart only shows relative strength to BTC, so expect to see BTC start to outperform a little faster sometime in the next few weeks.”
Traditionally, a bearish ETH/BTC chart indicates that Bitcoin is likely to rise in value faster than Ethereum and the general altcoin market.
Looking at Bitcoin itself, Kaleo says BTC is likely heading towards the $30,000 price level after it managed to bounce off support around $21,000.
“High timeframe support has remained strong. SPX [S&P 500 index] is currently at 4000 support which I still see rising to 4300 in the coming weeks. $30,000 is a magnet.”
In the short term, Kaleo says Bitcoin is likely to gather more momentum if it takes out resistance at $22,400.
“The CPI came in a little higher than expected and the market is basically flat. SPX / NDX [Nasdaq-100 Index] looks poised for a leg higher after some initial volatility, and BTC is knocking on the door to regain a major level it lost last Thursday. $30,000+ is still a magnet.”
At the time of writing, Bitcoin is worth $22,214.
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