A widely followed cryptocurrency analyst and trader is leaning bullish on Ethereum (ETH) against its Bitcoin (BTC) pair.
The analyst pseudonymously known as Credible Crypto tells his 459,100 followers on the social media platform X that after being bearish on the ETH/BTC pair for the last two years, “it’s time to start shifting bullish.”
The widely followed analyst says that based on technical analysis, Ethereum could go up by at least 378% against Bitcoin from the current level to reach a new record high.
“Based on the technicals I’ve shared on the ETH/BTC chart, I do think it’s not just possible but likely that we would see new all-time high on ETH/BTC, which means we would also likely see ETH flip BTC by the end of the cycle.”
ETH is trading at 0.03164 BTC ($3,231) at time of writing, down by around 79% from the all-time high of about 0.1515 BTC reached in June of 2017.
On the prospects of Ethereum’s market cap rising higher than Bitcoin’s, the pseudonymous analyst says,
“It sounds crazy, but at its peak in 2017, ETH hit a $37 billion market cap while BTC was at $43 billion, which means we were very close to flipping BTC then too.
I think this time we will actually do it.”
The market cap of Bitcoin is at approximately $2.03 trillion while that of Ethereum is at $390 billion.
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