Bitcoin To Outpace Ethereum, Crypto Strategist Says

It’s been revealed that Bitcoin is set to outpace Ethereum soon. Check out the latest reports about the price of the digital asset below.

It’s been just revealed that there is a popular crypto analyst who believes that Bitcoin (BTC) could now be in a position to significantly outperform Ethereum (ETH).

Pseudonymous analyst Kaleo said recently that the Ethereum/Bitcoin pair (ETH/BTC) is now trading below a diagonal trendline, suggesting that ETH is likely to trail BTC in terms of gains.

“ETH/BTC finally broke beneath the high timeframe support line we’ve been watching.”

He continued and said the following:

“Remember, this chart only shows relative strength to BTC, so expect to see BTC begin to outpace a bit more rapidly sometime over the next several weeks.”

Looking at Bitcoin itself, Kaleo says BTC is likely headed toward the $30,000 price level after it managed to bounce from support at around $21,000.

“High timeframe support has held strong. SPX [S&P 500 index] is currently at 4,000 support, which I still see rallying to 4,300 over the coming weeks. $30,000 is a magnet.”

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $22,128.

Accoridng to the latest reports, it seems that Pantera Capital’s Dan Morehead and two investment associates think the crypto winter is over and has been over for months.

In a recent newsletter, Pantera argues the most recent crypto bear market ended on November 21st. He also said that it lasted a total of 376 days, more than the median bear market length of 307 days.

Pantera’s investment associate Sehaj Singh notes that Bitcoin (BTC) saw a drawdown of 77% over that time. This is compared to the median bear market amount of 73%.

In order to learn more details about this, make sure to check out our previous article.