A widely followed crypto analyst is detailing when he believes Ethereum (ETH) and altcoins could outpace Bitcoin (BTC).
In a new video update, crypto strategist Jason Pizzino tells his 321,000 YouTube subscribers that the altcoin market is setting up for a massive rally – with the ETH/BTC pair as its proxy.
“Still seems like the market is building for those mega 37x potential returns for altcoins. [ETH/BTC] is a bit of a proxy for the altcoin pump.”
According to Pizzino, if history repeats itself and ETH/BTC behaves the same way it did the last time Bitcoin hit its 2021 cycle peak, traders can expect a breakout of the pair sometime in the coming months. Pizzino’s chart indicates that it could be in May or June.
“The point here is: [we had a] new Bitcoin all-time high month, the following month was down and then ETH went on a pretty significant run from there.
So if things are similar to last time, maybe this is the move down because Bitcoin is pushing to new all-time highs, it’s taking the show, then you see another red month here as Bitcoin continues on, and then a reversal here for ETH.”
ETH/BTC is trading for 0.05145 BTC ($3,616) at time of writing.
Pizzino goes on to say that the smart contract platform Solana (SOL) will likely go through a similar process.
“Same sort of thing for Solana…
Just looking back at the previous cycle, [Solana was a much] weaker crypto at the time, [it is] now a lot stronger than what it was back then, but you can see also with the Bitcoin new all-time high price around November (2021), it still went lower even against [the] USD at that time, but then that was the time to skyrocket, so we’re in a similar sort of period now where Bitcoin’s gotten into its new all-time high.”
Solana is trading for $196 at time of writing, a 1.5% decrease during the last 24 hours.
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- Source: https://dailyhodl.com/2024/03/31/heres-when-ethereum-and-altcoins-could-start-to-outrun-bitcoin-according-to-analyst-jason-pizzino/
