Will Ethereum Flip Bitcoin? Crypto Analyst Explains How
03 Oktober 2023 - 12:00AM
NEWSBTC
As the largest cryptocurrency, Bitcoin (BTC) has always dominated
the headlines and drives the mainstream hype around
cryptocurrencies. In terms of performance, it’s no news Ethereum
(ETH) has followed behind BTC in the past few years. However,
according to crypto analyst Dave the Wave, Ethereum could
outperform Bitcoin in the coming years. A Different
Perspective Dave the Wave took to social media to share his views
on the Ethereum/Bitcoin price action. The current trajectory shows
Ethereum has been falling against Bitcoin in terms of performance
since the beginning of the year. Related Reading: IPO Frenzy:
What Happens To XRP Price If Ripple Stock Climbs To $600? A more
in-depth examination reveals that Ethereum has been following a
pattern of lower highs and lower lows, which is indicative of a
continued downward trend. However, according to the pseudonymous
crypto analyst, a larger timeframe presents a better view of the
general situation of things. “The longer timeframe trumps the
shorter, and helps to predict future price action, which is what
speculation is all about, as opposed to simply describing recent
past price action,” he said. ETH/ BTC Careful of [shorter-term]
hindsight bias – it’s a series of lower highs until it’s not. The
longer time-frame trumps the shorter…. and helps to predict future
price action, which is what speculation is all about, as opposed to
simply describing recent past price… pic.twitter.com/kMrqN3istb —
dave the wave🌊🌓 (@davthewave) September 29, 2023 A closer look into
a multi-year timeframe shows a falling wedge has been forming in
the Ethereum/Bitcoin pair’s performance since July of 2022. The
current situation shows the formation of this wedge might be
nearing its end which indicates a decrease in downside momentum and
a potential trend reversal. This possible reversal is
reiterated by the Fibonacci indicator, which shows the downward
trend is at the 0.236 level. Can Ethereum Outperform Bitcoin?
Ethereum has frequently outperformed Bitcoin for periods stretching
months at a time. The ecosystem also has a few key advantages over
BTX that could help it outperform in the coming years.
Although Bitcoin still reigns as the top cryptocurrency, Ethereum
seems poised to gain more mainstream traction in the coming years.
As more projects and blockchains are built and connected to the
Ethereum network, we could see Ethereum flip Bitcoin in terms of
performance as early as next year. Related Reading: Crypto CEO Very
Bullish On XRP Price, Sets Make Or Break Point BTC Remains The
Primary Vehicle For Wealth Creation Bitcoin still remains the
primary vehicle for building wealth in both the crypto and
traditional markets. According to Dave The Wave, Bitcoin is poised
to continue on this trajectory for the next few years before
becoming fully capitalized and on the same level as traditional
markets. The analyst makes this prediction by sharing a logarithmic
growth curve chart showing BTC still has a higher chance for growth
in the longer term. BTC chart for growth | Source: X Bitcoin,
in particular, has led the crypto markets in gains for the past
week. Meanwhile, Ethereum has also recorded gains of 9.82% in a
7-day timeframe and is currently trading at $1,730. However,
Ethereum faces a resistance at $1,750 which could force a downside
correction. ETH price looks strong above $1,700 | Source:
ETHUSD on Tradingview.com Featured image from StealthEX, chart from
Tradingview.com
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