A closely followed crypto analyst believes that Bitcoin (BTC) could 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 trail BTC in terms of gains.
“ETH/BTC finally broke beneath the high timeframe support line we’ve been watching.
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.”
Traditionally, a bearish ETH/BTC chart indicates that Bitcoin will likely rise in value faster than Ethereum and the general altcoin market.
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.”
In the short term, Kaleo says Bitcoin will likely gather more momentum if it takes out resistance at $22,400.
“CPI came in a bit higher than expected and the market is basically flat. SPX / NDX [Nasdaq-100 Index] look primed for a leg higher after a bit of initial volatility, and BTC is knocking on the door of reclaiming a major level it lost last Thursday. $30,000+ is still a magnet.”
At time of writing, Bitcoin is worth $22,214.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
