Renowned Analyst Foresees Significant Rally for Ethereum vs Bitcoin, Impacting Prolonged ETF Decision
In the latest developments, prominent crypto analyst Michaël Van De Poppe has forecasted a bullish trajectory for Ethereum against Bitcoin, estimating a potential increase of over 100 percent in the near future.
The analyst's insights are centered around the ETH/BTC pair, emphasizing the significance of the Bitcoin ETF in shaping Ethereum's price movements.
Potential Ethereum Rally
According to a report by NewsBTC, Van De Poppe shared a chart illustrating Ethereum's performance against Bitcoin on a weekly timeframe. The chart unveils green candles during periods of Ethereum outperformance and red candles during underperformance against Bitcoin.
Notably, Ethereum's performance in the ETH/BTC pair has declined since mid-2022, with a significant drop in the last quarter of 2023 amid enthusiasm for the spot Bitcoin ETF.
The analyst highlights that the current ETH price performance against BTC reflects the 2022 low level at 0.04922. Van De Poppe suggests that the approval of the spot Bitcoin ETF could trigger additional liquidation candles in the ETH/BTC pair, ultimately prompting a shift towards Ethereum.
This transition, coupled with bullish weekly divergence, is expected to propel the ETH/BTC pair to a target just above 0.12, marking an extraordinary increase of over 100 percent. The last time Ethereum reached this level against Bitcoin was during the crypto's initial major surge in 2018.
#Ethereum approaches the low of 2022 and is likely going to take the liquidity there.
— Michaël van de Poppe (@CryptoMichNL) January 9, 2024
If an ETF approval for #Bitcoin happens, I think we'll have a liquidation candle on ETH/BTC and after that a rotation into Ethereum, combined with a bullish weekly divergence. pic.twitter.com/kGq91S7kq9
Following the SEC's approval of the spot Bitcoin ETF, Bitcoin's price experienced a surge, reaching $48,600, its highest point since April 2022. However, Bitcoin's price has stabilized and is currently trading at $45,839.
Meanwhile, Ether surged to $2,600, reaching its highest point since April 2022, maintaining gains to surpass Bitcoin and currently trading at $2,618.
In another social media post, Van De Poppe noted that the rotation in the ETH/BTC pair is already underway, emphasizing the ongoing dynamics shift in the market.
“A very large weekly bullish divergence on the ETH/BTC pair indicates that we will have a strong move on Ethereum, and altcoins. We are in January 2016, a good future. Ethereum hitting $3,500,” he added in a different tweet.
Investors are now eagerly awaiting the approval of the Ethereum spot ETF, which could further drive up the price of ETH.
This development may play an important role in maintaining the momentum of Crypto Ethereumprice movementand positioning it as a tough competitor to Bitcoin in the crypto market.
While the market continues to evolve, analysts & investors willbe monitoring these developments closelyfor potential opportunities and risksin the dynamic world of crypto. Hereare the Etherium/Bitcoin prices that you can monitor
