A popular crypto analyst and trader says he expects a leading smart contract platform Ethereum (ETH) a step behind in the coming months Bitcoin (BTC) be before it triggers a huge comeback.
Pseudonymous analyst Credible tells his 331,300 Twitter followers that he’s keeping an eye on the chart of Ethereum vs. Bitcoin (ETH/BTC) to predict how the two biggest crypto assets will perform over the next few months.
According to the crypto strategist, he sees the ETH/BTC pair losing nearly 30% of its value over the next two months, suggesting that Bitcoin is likely to outperform Ethereum in the short to medium term.
“BTC has fallen, but ETH/BTC still hasn’t collapsed. Still expecting ETH/BTC to make it to the red line, but if the capitulation to BTC hasn’t, then what? In my opinion, this decline was at BTC not our “big” pump or dump – it was the forerunner of it. The forerunner of our fifth wave. bitcoin.”
Looking at Credible’s chart, he sees ETH/BTC correcting to around 0.048 BTC ($1,435) by July before bottoming out and staging a strong rally to 0.09 BTC ($2,691) towards the end of the year.
What could be driving Ethereum to undercut Bitcoin in the coming months, Credible believes BTC is preparing for its fifth wave, a final rally that can propel the crypto king to new all-time highs.
“My thoughts on BTC dominance at this point. Long story short, BTC is outperforming in the early stages of our latest fifth wave pulse. Alts steal after that as BTC-Top the show. Dominance makes a new all-time low before this is all over.”
Credible is a popular practitioner of the Elliott Wave Theory, a technical analysis approach that predicts future price action by following crowd psychology, which tends to manifest itself in waves. The crypto strategist has been saying for months that BTC is still primed for one final move higher, or a fifth wave, before a major market reversal.
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Source: Crypto News Deutsch