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.” Source: Kaleo/Twitter 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.” Source: Kaleo/Twitter 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.” Source: Kaleo/Twitter At time of writing, Bitcoin is worth $22,214.
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Source : [Bitcoin (BTC) Primed To Outpace Ethereum (ETH) Rapidly in the Coming Weeks, Says Top Crypto Strategist](dailyhodl.com/2023/02/15/bitcoin-btc-primed-to-outpace-ethereum-eth-rapidly-in-the-coming-weeks-says-top-crypto-strategist/) by Daily Hodl Staff - The Daily Hodl by Daily Hodl Staff / February 15, 2023