As the largest cryptocurrency, bitcoin (btc) has bitcoin-metrics-point-to-a-different-scenario/” rel=”nofollow”>always dominated the headlines and generates widespread commotion CRYPTOCURRENCIES. In terms of performance, it is nothing new that ethereum (eth) has followed btc in recent years. However, according to crypto analyst Dave the Wave, ethereum could surpass 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 that ethereum has been falling against bitcoin in terms of performance since the beginning of the year.
Further examination reveals that ethereum has been following a pattern of lower highs and lower lows, which is indicative of a continued downtrend. However, according to the pseudonymous cryptanalyst, a longer time period presents a better view of the overall state of things.
“The longer term trumps the shorter term and helps predict future price action, which is what speculation is all about, rather than simply describing recent and past price action,” he said.
Beware of hindsight (short-term) bias – it’s a series of lower highs until it isn’t.
The longer term prevails over the shorter term…. and helps predict future price action, which is what speculation is all about, rather than simply describing the recent past price… pic.twitter.com/kMrqN3istb
– dave the wave (@davthewave) September 29, 2023
A closer look at a period of several years shows that a falling wedge has been forming in the performance of the ethereum/bitcoin pair since July 2022. The current situation shows that the formation of this wedge could be coming to an end, which indicating a decrease in bearish momentum and a possible trend reversal.
This possible reversal is reiterated by the Fibonacci indicator, which shows that the downward trend is at the 0.236 level.
Can ethereum Overtake bitcoin?
ethereum has frequently outperformed bitcoin for periods that extend for months at a time. The ecosystem also has some key advantages over BTX that could help it outperform in the years to come.
Although bitcoin still reigns as the top cryptocurrency, ethereum appears poised to gain more traction in the coming years. I eat more ethereum-network-metrics-light-up-optimistic-august/” rel=”nofollow”>Projects and blockchains are built and connected to the ethereum network.We could see ethereum overtake bitcoin in terms of performance as early as next year.
btc remains the primary vehicle for wealth creation
bitcoin remains the main vehicle to generate wealth both in the crypto and traditional markets. According to Dave La Ola, crypto-strategist-alarming-bitcoin-forecast/” rel=”nofollow”>bitcoin is poised to continue on this trajectory over the next few years before fully capitalizing and catching up with traditional markets. The analyst makes this prediction by sharing a log growth curve chart that shows that btc still has higher chances of long-term growth.
<img decoding="async" class="aligncenter wp-image-553773 size-medium" src="https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-price-chart.jpeg?w=460&resize=460%2C217″ alt=”bitcoin price chart” width=”460″ height=”217″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-price-chart.jpeg?w=1815 1815w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-price-chart.jpeg?w=460&resize=460%2C217 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-price-chart.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-price-chart.jpeg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-price-chart.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-price-chart.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-price-chart.jpeg?w=1140 1140w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
btc chart for growth | Source: X
bitcoin, in particular, has led the cryptocurrency markets. in earnings over the past week. Meanwhile, ethereum has also recorded gains of 9.82% in a 7-day period and is currently trading at $1,730. However, ethereum faces resistance at $1,750 which could force a downward correction.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Will-Ethereum-change-to-Bitcoin-Crypto-analyst-explains-how" alt="ethereum Price Chart from Tradingview.com (ethereum bitcoin Flip crypto Analyst)” width=”2884″ height=”1746″ loading=”lazy”/>
eth price looks strong above $1,700 | Source: ETHUSD on Tradingview.com
Featured image of StealthEX, chart from Tradingview.com
