A trader known for making a series of accurate calls says that Ethereum (ETH) looks like it may be setting up to outperform Bitcoin (BTC) as the longer-term trend continues.
Pseudonymous analyst and trader Dave the Wave tells his 140,000 followers on social media platform X that Ethereum versus Bitcoin (ETH/BTC) appears to be printing lower highs and lower lows, but a different picture forms when zooming out.
“ETH/BTC:
Careful of (shorter-term) hindsight bias – it’s a series of lower highs until it’s not.
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…
Those captured by hindsight bias tend to be armchair critics, not actual speculators… Indeed, they may have the purist’s distaste for such…. having been burnt at the top.”
Zooming out on a multi-year timeframe, Dave the Wave shows how ETH/BTC may in fact be near the end of a large wedge pattern, suggesting a breakout to the upside around the beginning of next year or so.
As for Bitcoin, the trader uses his own version of logarithmic growth curves (LGCs) which attempt to plot BTC’s long-term market cycle highs and lows while filtering out volatility and noise.
He says that Bitcoin is on track to outperform traditional assets like the stock indices for at least another decade, based on the LGC.
“Another decade suggested by the LGC chart before BTC is fully capitalized and on a par with more traditional investments… keeping pace with inflation.
Until then, the primary vehicle for wealth creation.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Ethereum Gearing Up To Outperform Bitcoin Once More, Predicts Top Trader That Called May 2021 Crypto Collapse appeared first on The Daily Hodl.
